Mega Millions ticket price to jump to $5 next month—will bigger prizes lure more players?

Starting next month, if you're looking for a chance to win a Mega Millions jackpot, you're going to have to put more skin into the game. 

The cost of a  Mega Millions ticket will more than double to $5, lottery officials said, adding that there will be larger prizes and more winners. 

What they're saying:

"Spending 5 bucks to become a millionaire or billionaire, that's pretty good," Joshua Johnston, director of the Washington Lottery and lead director of the group that oversees Mega Millions, previously said.

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Dig deeper:

Mega Millions and its lottery compatriot Powerball are sold in 45 states, as well as Washington, D.C., and the U.S. Virgin Islands. Powerball also is sold in Puerto Rico.

Mega Millions will introduce changes at a time when fewer people are buying tickets and jackpots need to reach ever-higher figures before sporadic players notice and opt to buy a ticket or two. Whereas a $500 million jackpot once prompted lines out convenience store doors, top prizes of $1 billion now often draw more of a ho-hum response.

More than doubling the ticket price is a big move, but Johnston said research shows people feel comfortable spending at least $5 when they buy scratch tickets or chances at the draw games, like Mega Millions. It is the second price increase since the game was created in 2002.

"You pay 5 bucks for your Starbucks," Johnston noted.

What about Powerball?

Powerball officials said they have no plans to change that game's odds or the $2 price for most tickets.