Lottery winner who calls himself ‘Money King’ wins $3 million prize – as store reveals how much he wins from lucky ticket

A LUCKY lottery player won $3 million after scratching off a ticket while at the convenience store.

The winner, who chose to identify himself only as the Cash King, was shocked when his $30 Cash is King scratch-off ticket won him millions.

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“I scratched off the ticket while it was still at the convenience store,” he said in an Illinois Lottery press release, according to WGN-TV.

“I thought I had read the note wrong. I asked the cashier to check it for me and he said, ‘Congratulations!’

“It was so shocking. My heart was pounding and I immediately started sweating. I couldn’t believe it!”

The Money King purchased the winning ticket at Bellwood Liquor and Grocery in Bellwood, Illinois – about 14 miles west of Chicago.

Bellwood Liquor and Grocery received a sales bonus of 1% of the prize amount for selling the winning ticket, per outlet,

The store received an incredible $30,000.

‘I WAS VERY SURPRISED’

The new millionaire couldn’t wait to share the news that he almost left without a car.

“I was very surprised and had to run home,” he said, according to WGN-TV.

“I was in such a hurry that I ran out of the store and almost went home, forgetting my truck in the parking lot!”

The King of Money also revealed what he plans to do with his new earnings.

“First, I want to pay off our mortgage and my car,” he said.

“Next, my wife wants a new car and my son needs a new car. New cars for everyone!”

ANOTHER WINNER

A lottery player in New York also won $3 million on a scratch-off ticket.

Lottery winnings: lump sum or annual fee?

Players who win big on lottery tickets typically 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 establish 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.

He bought the lucky ticket at a race track in Batavia.

Although the ticket was marked at $3 million, the player was forced to hand over a large portion of his winnings.

Gallo opted for the lump sum option, meaning he wanted the prize in a single installment.

When players select the lump sum, federal and state taxes are also deducted.

This means players take home much less than they expected.

In Gallo’s case, he received $1,386,630 after the money was deducted – less than half of his original announced earnings.

However, if he had chosen the second option, annuity payments, he would have received the full amount.

The only downside is that this would have been given to him in increments over time.