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

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

There will be bigger prizes won more frequently, along with slightly improved odds of winning, according to the consortium that runs the lottery. The highest jackpot in the lottery's history is $1.6 billion, won in August 2023.

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

"The research done prior to this change shows that players are receptive to the higher price points if they know there are both bigger jackpots and bigger prizes available throughout," a lottery spokesperson tells CNBC Make It. "We also know that $5 is a very popular price point for other lottery games available in most states, so there is appetite for that."

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

• A randomized multiplier for non-jackpot prizes will be included with every play, automatically improving every win by 2X, 3X, 4X, 5X or 10X — up to $10 million for matching the five white balls.
• One of the gold Mega Balls will be removed from the draw, improving the odds from 1 in 25 to 1 in 24.
• Larger starting jackpots will grow faster than before.
• No break-even prizes, meaning when a player matches a Mega Ball, they'll win at least $10, rather than the $2 winners currently receive.

A full prize matrix showing a detailed table of the prize tiers will be released closer to April, the lottery says.

Perhaps the most significant change affecting the most players is the automatic prize multiplier, which currently costs an additional $1 on top of a $2 ticket. Starting in April, this multiplier will be built into the ticket price, automatically boosting 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 those numbers will take home at least $400, with the automatic multiplier boosting prizes by two times or more, depending on the draw.

Mega Millions is a national game with tickets sold in 45 states, Washington, D.C. and the U.S. Virgin Islands. Drawings are conducted at 11 p.m. ET on Tuesdays and Fridays.

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