Price of a Mega Millions ticket set to more than double

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why playing the lotto is getting more expensive.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05Stocks rallied into the close on Tuesday, but gains were tepid ahead of key inflation

00:09data and quarterly corporate updates.

00:12On Wednesday, the Federal Reserve will release the minutes from the September meeting that

00:16brought the surprise 50 basis point rate cut.

00:19Investors will also look for any hints on the mood of the consumer as Amazon wraps up

00:25its two-day prime shopping event.

00:28In other news, as the old saying goes, you have to spend money to make money.

00:32Well, now that line of thinking applies to anyone hoping to hit it big by playing Mega

00:36Millions.

00:37Lottery officials announced that beginning in April, the price of a Mega Millions ticket

00:41will more than double, increasing from $2 to $5.

00:46However, Mega Millions officials claim that bigger sticker price should lead to bigger

00:52prizes with one stating, quote, we expect more billion-dollar jackpots than ever before,

00:58meaning creating more billionaires and many more millionaires as the jackpots climb.

01:03Plus, this game will continue the important legacy of supporting great causes everywhere

01:09Mega Millions is played.

01:11This is just the second price hike in the 22-year history of Mega Millions with a cost

01:15of a ticket going from $1 to $2 in 2017.

01:20Since that increase, there have been a total of six billion-dollar jackpots, with the prize

01:25climbing to a record $1.6 billion in 2023.

01:30Just a reminder, your chances of winning are really, really slim.

01:35The current odds of hitting the Mega Millions jackpot is one in 302.6 million.

01:42That'll do it for your daily briefing from the New York Stock Exchange.

01:45I'm Conway Gittins with the streets.

01:50Thanks for watching.

Category

Transcript

Recommended