As well as doubling the top prize to £500,000 on a £1 game, there will be a new, additional draw on Friday nights and a £3 prize for matching just the Thunderball number.
The operator will also be extending the number range to 39, but the introduciton of the new £3 prize tier means that players will have an increased chance of winning a prize, with odds of one in 12 instead of one in 18.
Tickets for the new-style Thunderball will go on sale on Sunday May 9, with the first draw taking place on Wednesday May 12.
National Lottery retailers will be provided with a point-of-sale package that includes player leaflets, retailer-facing terminal cards and the new Thunderball playslips. There will also be a multi-million pound TV, radio and national press advertising campaign that will run from May 9 to May 14.
Camelot sales director Duncan Malyon spoke of the potential for retailers that the new-look game will bring.
“It’s winning news for all of our retailers," he said. "Thunderball has mass appeal and a loyal player base, so more chances for players to win means bigger sales for them.
“To make the most of this golden opportunity, all our retail partners need to do to boost their sales – and their own commission – is to take full advantage of all of the free point-of-sale material we are providing, and talk to their customers about the amazing chance to win half a million pounds three times a week.”