I just did more research on the odds of winning Mega Millions and NY Lotto. The odds are about 4 million to 1 to win either second prize in Mega Millions ($250,000), second prize in NY Lotto ($181,000, prize amount given out in latest drawing), and the first prize in Sweet Million.
Based on this information, I think NY Lotto and Mega Millions are a better value than Sweet Million (as Thrust posted), because I have a 4 million to 1 chance to win second prize on Lotto and MM while still having a chance to win the the BIG ONE (first prize). Additionally, if I don't win Lotto or Mega Millions, at least my money is helping to make the jackpot higher which I still have a chance of the winning next time, unlike Sweet Million where the big jackpot is staying the same even though there haven't been any winners for two months now.
I was reading some old posts here from September 2009, when Sweet Million just started, and the posters were surprised there were no million dollar winners in the first drawing and subsequent drawings, so based on that, I think the lottery playing public was expecting more winners from Sweet Million than there have been and won't want to play it now, and that's how I feel now after my research, I won't be playing Sweet Million any longer, I would rather have the 4 million to 1 shot of winning second price in NY Lotto or MM with a chance of winning the BIG ONE.
Note: The odds of winning second prize on Power Ball is 5 million to 1.
In 2009, a friend of mine won $10.000 on Mega Millions, he had 4 numbers and the Mega number.