POWERBALL players have been urged to double check their tickets as a $2 million prize still has not yet been claimed.
The gambler, from Arizona, defied odds of more than one in 11.5 million to land the prize on Monday night.
GettyA Powerball ticket, now worth $2 million, has yet to be cashed in (stock)[/caption] AFPThe slip was bought at a Circle K convenience store (stock)[/caption]Lotto chiefs said the slip was bought at a Circle K store in Scottsdale – located around 12 miles from Phoenix, as reported by the ABC affiliate KNXV-TV.
A Powerball ticket costs $2, and matching five numbers would usually result in a $1 million prize.
But the lucky gambler took advantage of the Power Play, which cost an extra dollar.
The multiplier was two, meaning the non-jackpot prize doubled.
In Arizona, players have 180 days from the date of the draw to land the prize.
The player, who scored the $2 million prize, missed out on the jackpot by one number.
This means the prize has rolled over to a whopping $69 million.
The next Powerball draw takes place today, Wednesday.
If the jackpot is won, the ticket holder will have a choice on how to receive their prize.
Its cash value is an estimated $30.7 million.
The second option is to receive their prize in staggered payments over three decades.
This is known as an annuity, and the value of each payment increases by 5% annually.
Most lotto winners choose the lump sum, but the conundrum over which option to pick has sparked a debate among financial advisers and lawyers.
Oklahoma attorney David Walls warned big winners not to brag about their wealth.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out 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 varying opinions on whether to take the lump sum or take the annuity.
“Lottery winners are understandably excited and want to shout their good news from the cyber rooftop, but those who do almost always come to regret it,” he said.
He also warned how lotto winners can gain the unwanted title of “banker” following their success.
Attorney Andrew Stoltmann warned players against taking the lump sum.
He explained that choosing this option is a mistake approximately 90% of winners make.
And, wealth advisor Robert Pagliarini also echoed a similar warning.
He told The U.S. Sun that players who take the lump sum cannot afford to make mistakes.
This is because they have to make their prize last. “The real advantage of [taking] the annuity is that every year you get a new check,” he said
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