You'll have to spend more to win big as Mega Millions plans to increase the ticket price as part of a revamp that promises bigger prizes, the lottery announced Monday.

The price of a ticket will increase from $2 to $5 starting in April 2025, the second increase in the lottery's 28-year history since its debut as The Big Game in 1996.

According to the consortium that runs the lottery, larger prizes are won more often and the odds of winning are slightly improved. The largest jackpot in the lottery's history is $1.6 billion, won in August 2023.

Despite the price increase, the consortium is confident that people will continue to buy tickets at a price that increases jackpot amounts.

“Research conducted prior to this change shows that players are receptive to the higher prizes when they know that both larger jackpots and larger prizes are available everywhere,” a lottery spokesperson tells CNBC Make It. “We also know that $5 is a very popular prize for other lottery games available in most states, so there is interest in it.”

Here's a look at the key changes, according to the lottery:

• A random multiplier for non-jackpot prizes is included with every game, automatically increasing any win by 2x, 3x, 4x, 5x or 10x – up to $10 million for the combination of the five white balls.
• One of the gold mega balls is removed from the draw, increasing the odds from 1 in 25 to 1 in 24.
• Bigger starting jackpots will grow faster than before.
• There are no break-even prizes, meaning if a player hits a Mega Ball they will win at least $10, instead of the current $2 that winners receive.

A full prize matrix with a detailed table of prize tiers will be released around April, according to the lottery.

Perhaps the most significant change that will affect most players is the automatic prize multiplier, which currently costs $1 on top of a $2 ticket. From April, this multiplier will be integrated into the ticket price and will automatically increase non-jackpot winnings.

For example, if you match the numbers on three white balls and the Mega Ball, you currently win a $200 prize. Starting in April, winners who match these numbers will take home at least $400, with the automatic multiplier increasing the prizes by double or more depending on the drawing.

Mega Millions is a national game with tickets sold in 45 states, Washington, DC and the U.S. Virgin Islands. Drawings take place on Tuesdays and Fridays at 11:00 p.m. ET.

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