The Massachusetts Lottery launched its most expensive scratch ticket to date this week. Priced at $50 per ticket, the Billion Dollar Extravaganza game also offers big potential winnings, with the highest instant win prize in the state’s history: $25 million.
Billion Dollar Extravaganza will shell out $1 billion total for winnings. There will be three $25 million prizes, five $2 million prizes and 15 $1 million prizes.
It will have a payout at 82% of money raised — another record high for the state — and the odds of winning something from a ticket are about one in four.
The ticket launch coincides with the Massachusett’s Lottery’s 50th anniversary.
Deborah Goldberg, chair of the Massachusetts State Lottery Commission and state treasurer, said in a release that customers have “been requesting this ticket for some time.”
“After careful consideration, the Lottery has what we believe will provide them with the entirely new level of excitement they have been seeking,” she said.
Before this, the highest priced ticket in the state was the $30 ticket, introduced in 2014.
MSLC expects sales of the new ticket to reach at least $1.5 billion off a print run of 30.2 million tickets, which would mean $150 million in net profit. A percentage of all state lottery sales also goes toward local aid in 351 cities and towns in Massachusetts.