Mega Millions, a lottery game offered in Maryland and 43 other states, is going the way of Powerball: It’s raising entry prices and tinkering with its formula to produce larger, more eye-catching jackpots.
The changes represent a trade-off for consumers. The cost per play is increasing from $1 to $2, and the odds of hitting the jackpot will climb from 1 in 258.9 million to 1 in 302.6 million.
But the size of the starting jackpots will rise from $15 million to $40 million, and the pot will increase more quickly than before if nobody hits. Also, players will have better odds of winning a “second-tier” prize of $1 million.
Mega Millions, whose sales have been declining in...