Lotto tickets double in price to £2 from today, but more winners will share in the prize pot, operator Camelot has said.
The increase will see the prize for matching three numbers rise from £10 to £25.
But the prize pot for matching five numbers will drop by £500 to £1,000, while the reward for matching five numbers and the bonus number will halve to £50,000.
The prize for matching four numbers will increase from £60 to £100.
The price rise is the first since Lotto launched in 1994 and follows research which found that consumers “want more ways to win more money” from the game, according to Camelot.
An average 800,000 players win prizes for matching three or four numbers each week, while around 800 players match five numbers or five plus the bonus.
The average Saturday jackpot will increase from around £4.1 million to £5m and the Wednesday jackpot will increase from an estimated £2.2m to around £2.5m, while a new Lotto raffle will guarantee at least 50 winners of £20,000 in each draw, Camelot added.
Camelot is holding two £10m jackpot draws to mark the launch of the new game.
The special draws, to be held on Saturday and on October 12, will also see 1,000 raffle ticket holders winning £20,000 on each occasion.