Lottery Millionaires: How New Yorkers Win Jackpots
'05.07.2023'
Alina Prikhodko
New Yorker wins $20 million Mega Millions prize Silive. The name of the winner has not been released, and receiving the winnings incognito is permitted by New York State law.
The winner chose to receive the prize in the form of a one-time payout, which amounted to $6, including all deductions and taxes. He won as early as the results of the April draw, but only now he came for the money. The winning ticket was purchased at Church Wine & Liquor in Syracuse.
$20 million is a hefty amount, but New Yorkers can do better.
New York Lottery Record
The $476 million Mega Millions jackpot went to 71-year-old Johnny Taylor from Howard Beach. He was the only winner of the Mega Millions jackpot in the drawing dated April 14, 2023.
This is the largest Mega Millions prize won in New York since the state launched the lottery in 2002.
By choosing the cash option, Taylor received a one-time payout of $157 after local and federal taxes.
"It still doesn't feel real," he said while receiving the money.
On the subject: Big money, big problems: how lottery jackpots changed the lives of New Yorkers
Why does the payout amount differ from the advertised jackpot?
When you win the Mega Millions jackpot, you have two options to receive the money: in cash or in installments over 29 years (this is called an annuity). If you choose to receive the prize in cash, the amount will be significantly less than if you chose annuity payments.
The reason is that when you hit the jackpot annuity, the lottery invests the money you win and pays you interest on it every year. As a result, gradually, you will be paid the full amount of the jackpot.
However, when you choose cash, the lottery will only give you a fraction of the total jackpot right away. This is because they cannot invest the money and charge interest on it. Thus, if you choose cash, you get a smaller amount, but immediately. And if you choose an annuity, the amount will be larger, but will be paid gradually over 29 years.
The next $427 million Mega Millions jackpot draw will take place on Friday, July 7, 2023. Perhaps this is a sign and it's time for you to buy a ticket? Suddenly you come across a magical combination of numbers and next time we will write about you?
Some information for those who are just thinking about buying a lottery ticket:
- You can only buy a lottery ticket if you are over 18 years old.
- You can find the nearest official lottery retailer in your state with the free app Lottery Places.
- In some states, ticket sales close one hour before the draw, while in others, tickets go on sale about 15 minutes before the draw.
- Mega Millions draws every Tuesday and Friday at 23:00 pm ET.
- In order to claim your prize, you must sign the back of the ticket and take it to an authorized lottery dealer for inspection.
- If you win a prize greater than $599, you will need to fill out an application form and submit it to the State Lottery Commission.
- Winning tickets must be validated and must be claimed in the same state in which the ticket was purchased. The period within which you must receive your New York lottery winnings is 1 year.
