New $1M-a-year lotto game debuts in Iowa
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Millionaire for Life, the Iowa Lottery's first new national lotto game in more than a decade, began sales this week.
Why it matters: The lottery generates tens of millions of dollars annually for state programs and causes, including support for veterans and public safety.
- The new game aligns with a broader industry trend of diversifying lottery offerings to reduce reliance on Powerball and Mega Millions' jackpot cycles, Iowa Lottery CEO Matt Strawn tells Axios.
State of play: The game costs $5 per play, with players picking five numbers from 1 to 58 plus a Millionaire Ball from 1 to 5.
- The top prize is $1 million a year for life.
- It's being played in 31 states and jurisdictions, and Iowans can purchase tickets until 9:15pm the day of the daily drawing.
Zoom in: The game replaces Lucky for Life, a game whose player enthusiasm had stagnated, Strawn says.
By the numbers: The odds of winning the top prize in the new Millionaire game are 1 in nearly 23 million.
Yes, but: That's still better than the Lucky game, which offered a top prize of $1,000 a day for life and had odds of 1 in nearly 31 million.
- DSM resident Shelby Willis won Lucky's grand prize in November 2024 and was the only top-prize winner among tickets purchased in Iowa before the game was retired.
The intrigue: Iowa's foray into sports betting has not dented lottery sales, which have met or exceeded projections in recent years, Strawn says.
- The top five Iowa Lottery sales retailers in the fiscal year that ended in July were Cedar Rapids Hy-Vee food or drug stores, each generating at least $876,550 in sales.
What's next: More national draw games will likely reach the market sooner than in the past decade, Strawn says.