Mega Millions to Adjust Starting Jackpot Amount, Eliminate Minimum Jackpot Increases
Changes will take place following the Friday, April 3, drawing
RELEASE DATE: 4/3/2020
The Mega Millions Consortium has adjusted the game’s starting jackpot and will determine the amounts of subsequent starting jackpots and jackpot increases on a drawing-by-drawing basis. The changes are in direct response to slowing sales during the current global pandemic.
The advertised Mega Millions jackpot for Friday, April 3, is a guaranteed annuitized value of $121 million. If there is no jackpot winner that evening, the jackpot will roll to an annuitized value of $127 million. If the jackpot is won on April 3, it will reset to a guaranteed annuitized value of $20 million for the next drawing on April 7. Subsequent starting jackpots and the rate at which the jackpot increases will be established based on game sales and interest rates, with no fixed minimum amount. These will be determined and announced prior to each drawing. Previously, the jackpot started at $40 million, and the minimum increase was $5 million for each roll.
“The value of the Mega Millions jackpot is based on projected sales, and typical sales patterns have been altered because the current health crisis has required people to stay home,” said Gordon Medenica, Lead Director of the Mega Millions Consortium and Director of Maryland Lottery and Gaming. “We are concerned, first and foremost, with everyone’s health and well-being. Meanwhile, these adjustments will allow the states and jurisdictions that sell Mega Millions tickets to continue generating much-needed revenue to support state budgets.”
Mega Millions tickets are $2 and are sold in 45 states, Washington, D.C., and the U.S. Virgin Islands. Drawings are held each Tuesday and Friday. Half of the proceeds from the sale of each Mega Millions ticket remains in the state where the ticket was sold, where the money supports lottery beneficiaries and retailer commissions. Lottery revenues are allocated differently in each jurisdiction.