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The Lotteries Commission has outlined big changes, including going online and joining a global lottery with an annual $700 million jackpot.
The World Lottery Draw will create around 100 millionaire winners every month.
British lottery operator Camelot is planning to create the multimillion-dollar worldwide lottery, a development Lotteries Commission chief executive Todd McLeay said was of interest.
Online sales, unavailable now but permitted by the Gambling Act, were also under consideration, he said.
"There has been quite a rise in internet-based gaming. It would seem that no matter which way you look at it, the internet is going to have an influence over our industry."
However, the Gambling Helpline warns that such developments will lead to an increase in the number of problem gamblers.
Lotto celebrates its 20th birthday this weekend with three extra prizes of $1 million and 10 of $250,000.