The news is the price of a ticket is going from $2 to $5 in April 2025.
Mega Millions
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MarkBarrett
- Posts: 755
- Joined: Sat Oct 20, 2007 11:17 am
- Location: San Francisco
Mega Millions
The jackpot for tonight's October 8 draw is "only" $129 million.
The news is the price of a ticket is going from $2 to $5 in April 2025.
The news is the price of a ticket is going from $2 to $5 in April 2025.
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BackInTex
- Posts: 13431
- Joined: Mon Oct 08, 2007 12:43 pm
- Location: In Texas of course!
Re: Mega Millions
I saw that this morning.
Even with increased odds of winning I think they are pricing themselves out of a lot of players' price point.
Even with increased odds of winning I think they are pricing themselves out of a lot of players' price point.
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War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
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~~ Thomas Jefferson
War is where the government tells you who the bad guy is.
Revolution is when you decide that for yourself.
-- Benjamin Franklin (maybe)
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silverscreenselect
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Re: Mega Millions
Mega Millions has always played second fiddle to Powerball. The game was started in the mid 90s (and called "The Big Game" at first) by six states, including Georgia, that didn't like the way Powerball was being run. For a while, states had to choose between one or the other until 2010, when they buried the hatchet and allowed states to sell both. (No state is exclusive for one multi-state lottery.) 45 states and DC have both games.
Georgia has administered the Mega Millions game for years, which means that the drawings are held in Atlanta with Georgia Lottery announcer John Crow usually announcing the winners. When I was at the Georgia Lottery, I was involved in drafting rules and negotiating contracts with vendors and auditors. When I worked there, I was not allowed to buy tickets for any game sold in Georgia. I could go to SC and buy scratchoffs there, but not Powerball or Mega Millions tickets. Ironically, one state that doesn't have lotteries is Alabama, which means that convenience stores near the Alabama border do big business when the jackpots get large. The Georgia Lottery only operated two locations when I worked there (they may have added more since), one in our headquarters building and one at the Atlanta airport. All other tickets are sold through retailers who get 6% of every ticket sold. The big jackpot is paid out of a multi-state fund, but all other prizes, including the $1M runner-ups are paid from the funds of the individual state in which the winning ticket was sold.
The problem that both lotteries face is customer boredom. When I worked there, a $500K jackpot was big news. Now, it has to get close to a million before people really get interested, and I can't remember the last time I saw a "lottery fever" segment on the local news. The $5 ticket will get bigger jackpots more quickly. Unfortunately, if interest rates go down, the advertised jackpot size (which is for a 30-year annuitized jackpot) will get smaller as well.
Georgia has administered the Mega Millions game for years, which means that the drawings are held in Atlanta with Georgia Lottery announcer John Crow usually announcing the winners. When I was at the Georgia Lottery, I was involved in drafting rules and negotiating contracts with vendors and auditors. When I worked there, I was not allowed to buy tickets for any game sold in Georgia. I could go to SC and buy scratchoffs there, but not Powerball or Mega Millions tickets. Ironically, one state that doesn't have lotteries is Alabama, which means that convenience stores near the Alabama border do big business when the jackpots get large. The Georgia Lottery only operated two locations when I worked there (they may have added more since), one in our headquarters building and one at the Atlanta airport. All other tickets are sold through retailers who get 6% of every ticket sold. The big jackpot is paid out of a multi-state fund, but all other prizes, including the $1M runner-ups are paid from the funds of the individual state in which the winning ticket was sold.
The problem that both lotteries face is customer boredom. When I worked there, a $500K jackpot was big news. Now, it has to get close to a million before people really get interested, and I can't remember the last time I saw a "lottery fever" segment on the local news. The $5 ticket will get bigger jackpots more quickly. Unfortunately, if interest rates go down, the advertised jackpot size (which is for a 30-year annuitized jackpot) will get smaller as well.
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