LOTTERY officials in a US state have issued a warning to all players as a Powerball prize worth $2 million remains unclaimed.
The winning slip dates back to the draw on March 19 and it was sold at a Kentucky gas station.
A Powerball player won big landing a $2million prize (stock)GettyChiefs revealed the gambler matched five numbers and was just one ball away from landing the jackpot, which stood at $418 million.
Normally, matching five numbers would result in a $1 million prize, but the player took advantage of the Power Play.
The Power Play costs just an extra dollar and this feature multiplies non-jackpot prizes.
On March 19, players who won prizes and had the Power Play could double their winnings.
Other Power Play options include three, four, or five times.
And, for jackpots over $150 million, there is a Power Play option which will see prizes multiplied by 10.
But, Colorado lotto chiefs have warned the player has 180 days to come forward, as reported by the ABC affiliate KDVR-TV.
If the player doesn’t come forward, then the money will go into a pot dedicated to improving wildlife in the state.
The Powerball jackpot was not won on March 19, nor did a player prevail on March 22.
This means that the prize pot has rolled over to $461 million.
The prize pot has an estimated cash value of $217.2 million.
The next Powerball draw takes place on Monday night.
So far, only one gambler has won the Powerball jackpot this year.
Oregon resident Abbas Shafii bought the slip on January 17 and came up trumps.
States With 6-Month Lottery Claim Windows
Some states have differing deadlines for when lottery players can claim prizes. Most allow a 180-day or one-year window before tickets expire and the money is forfeited. Below are the 180-day states:
Arizona Arkansas California Colorado Connecticut District of Columbia Florida Georgia Idaho Indiana Kentucky Louisiana Mississippi Missouri Nebraska North Carolina North Dakota Ohio Oklahoma South Dakota Tennessee Texas Virginia Washington West Virginia Wisconsin WyomingCredit: Jackpocket
He matched all the numbers which saw him land a prize worth $328.5 million.
But, he faced a choice on how he wanted to receive his prize.
Shafii could either take his prize as one lump sum, or receive his winnings in installments.
He opted to choose the first option, meaning the prize was cut to $146.4 million before tax.
Had he selected the annuity, the prize would’ve been paid out over three decades.
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.
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