A LUCKY lottery player won a historic $560 million jackpot on Tuesday night and it could be you.
The ninth-largest Mega Millions jackpot in history was won in Illinois after three months with no winners.
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Players are encouraged to check their tickets as the huge windfall has not yet been claimed.
The winning ticket drawn on June 4 matched all six numbers and was purchased on the state lottery website.
They are: 19, 37, 40, 63 and 69 with Mega Ball 17.
However, whoever wins, they could immediately lose half the money if they make a popular choice when collecting the prize.
read more about lottery winnings
Although the total prize pool is estimated at US$560 million, the cash value is less than half that, at around US$264 million.
When winners visit lottery outlets to collect their prizes, they have to choose between receiving a lump sum or annual payments.
If choosing the first option, the winner will accept the cash option, which has already been heavily taxed and is much less than the total prize.
Meanwhile, those who choose to pay an annuity receive the total amount divided into 29 years after receiving an immediate payment.
Each installment is 5% larger than the previous one, but is taxed each time.
This option “helps protect the lifestyle and purchasing power of winners in periods of inflation”, according to Mega Millions.
Despite this benefit, most winners choose to receive the lump sum.
At least “90 percent of all lottery winners accept the lump sum distribution,” lottery lawyer Andrew Stoltmann previously told The US Sun.
Stoltmann has represented “lottery losers” who lost most, if not all, of their winnings and says accepting this huge immediate sum of money is “a big mistake.”
He argued that most winners “don’t have the infrastructure” to handle such a large and immediate amount of money.
“They tend to belong to lower socioeconomic backgrounds,” said the lawyer.
“So they take this huge amount of money and they just don’t know what to do with it.”
Lottery winnings: lump sum or annual fee?
Players who win big on lottery tickets often have a choice to make: lump sum or annual fee?
Both payment methods can affect how much money you receive from your prize.
Annuities are paid slowly in increments, usually over 30 years.
Lump sums are paid all at once, but in smaller amounts since taxes are withheld all at once. This means 24% of your prize goes to Uncle Sam immediately. Many states also tax earnings.
Annuities can give winners time to create the financial infrastructure necessary to receive a life-changing amount of money, but lump sums have the advantage of being taxed only once.
It’s also worth considering inflation when making a choice, as payments don’t adjust to the value of a dollar. This means you will likely receive less valuable money at the end of an annuity.
Each state and game pays prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have differing opinions on the possibility of get the lump sum or take the annual fee.
After the latest win, the Mega Millions jackpot has returned to $20 million for the next drawing on June 7 at 11pm ET.
Meanwhile, other players may also wake up today and discover that they have won the latest Mega Millions drawing.
According to the lottery organization, 944,852 winning tickets were part of this Tuesday’s draw.
Two tickets claimed the $1 million second-tier prize and were sold in California and Maryland.
Additionally, 27 tickets won the third level prize after matching four white balls and the Mega Ball.
Four of them are worth $30,000 after players chose the optional Megaplier that cost 3X last night.
Top US Lottery Winners
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro – $2.04 billion, Powerball, November 8, 2022, in California.
- Theodorus Struyck – $1.765 billion, Powerball, October 11, 2023, California.
- Unknown Winner – $1.602 Billion, Mega Millions, August 8, 2023, Florida.
- Marvin and Mae Acosta of Los Angeles, California, John and Lisa Robinson of Munford, Tennessee, and Maureen Smith and David Kaltschmidt of Melbourne Beach, Florida – $1.586 billion, Powerball, January 13, 2016.
- Unknown Winner – $1.537 Billion, Mega Millions, October 23, 2018, from South Carolina.
- Winner unknown – he sued his child’s mother to keep his identity hidden – $1.348 billion, Mega Millions, January 13, 2023, from Maine.
- Unknown Winner – $1.337 Billion, Mega Millions, July 29, 2022, from Illinois.
- Cheng and Duanpen Saephan and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Álvarez – $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club – $1.05 Billion, Mega Millions, January 22, 2021, from Michigan.
- Winner unknown – $842.4 million Powerball, January 1, 2024, from Michigan.
The other 23 winners from this group will take home US$10,000 – the standard third-tier prize.
Before last night’s win, the last jackpot won in the game was on March 26 in New Jersey and was $1.128 billion.
The overall chance of winning a prize in Mega Millions is 1 in 24, while the odds of winning the jackpot are 1 in 302,575,350.
Tuesday night’s winner has up to a year to claim their prize and has the option to remain anonymous in accordance with state law.
This story originally appeared on The-sun.com read the full story
