A LOTTERY player who has spent four years playing with the same numbers has finally won big, but his decision saw him instantly lose thousands.
The winner from Wayne County, Michigan, scooped a prize of over a million dollars in a draw last month.
AlamyThe lucky lottery player won after using the same set of numbers for four years (stock)[/caption] GettyA key decision he made after the win saw him sacrifice more than a quarter of the winnings (stock)[/caption]But straight after the staggering win, he immediately lost almost $400,000.
He won $1.3 million on the Lotto 47 game on January 8 when his winning numbers were pulled in the draw.
The numbers – 04, 08, 17, 28, 36, 43 – are ones he has entered in the same game for several years.
The 54-year-old told lotto officials: “I have played this set of numbers for four years.
“I scanned my ticket on the Lottery app and saw the confetti fly and thought: ‘This is a dream come true!’
“Winning is a great feeling and gives me and my family financial freedom.”
Despite his joy at the win, his decision to immediately take home the cash saw him sacrifice over a quarter of the prize.
Lottery players who win large sums have to choose between immediately taking home a lump sum or accepting their win in instalments.
The lucky man from Michigan went for the former and took home $901,000.
He told officials that with his winnings he plans to pay his bills and book a long family vacation.
Lottery Commissioner Suzanna Shkreli said: “The Lotto 47 game was incredibly lucky for players last year, with eight players winning the game’s jackpot.
“It looks like that luck is continuing into 2025.
“Congratulations to the lucky player and his family on their big win.”
The odds of winning the Lotto 47 jackpot are 1 in 11 million.
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.
Tickets are $1 each and draws are held twice a week with jackpots starting at $1 million which grows until it is won.
Meanwhile, a woman from Virginia has revealed how she won $2 million thanks to a mistake by a gas station clerk.
Kelly Lindsey, from Carrollton, had planned to buy her usual Virginia Lottery scratcher but was accidentally handed a different one.
She wasn’t happy about it, but instead of exchanging it, she scratched the Money Blitz ticket in the parking lot.
That’s when she realized her mistake had just won her $2,000,000.
“And I got over not being happy about it!” she told lottery officials as she cashed in her prize.
Lindsey also had to choose between a lump sum or annuity payments and she too went with the instant cash prize, giving her $1.25 million.
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