Game details:
Draws will be held on Friday nights, starting with the first draw on September 25
Players will receive three chances to win (seven numbers each) per $5 play
In order to win the jackpot, players must match 7/7 numbers (from one to 49)
Odds of winning a jackpot are one in 28.6 million per play (in other words 1:86 million)
Odds of winning any prize are one in 6.6 per play
If a jackpot is not won it will "roll" to the next draw date, with MAXMILLIONS jackpots created after the $50 million mark is reached
The base jackpot is $10 million and will grow until won or until reaching $50 million

LOTTO MAX Prize Structure:

48% of LOTTO MAX draw sales are dedicated to the Prize Fund. The total amount of $20 and Free Play prizes are paid from the Prize Fund and the balance of the fund (The Pools Fund) is then allocated between the 5/7, 6/7, 6/7 + Bonus and 7/7 prize categories as indicated in the table below.

If there is more than one winner in a prize category above the $20 prize tier, the prize in that category will be shared among the winners in that category. A winning set of numbers entitles a winner to a prize in only one of the prize categories:

Match 7/7 $10M-$50M - (87% of pool fund)
Match 6/7 + bonus - 4% of pool fund
Match 6/7 - 4% of pool fund
Match 5/7 - 5% of pool fund
Match 4/7 - $20
Match 3/7 + bonus - $20
Match 3/7 - Free Play

There is more info at the BCLC.com