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Anonymous Mega Millions player still sitting on ticket worth $349 million – officials continue to hunt for the winner
The player will be powerless to stop any deductions when they come forward
LOTTO officials are continuing their hunt for a gambler who scored a $349 million jackpot win but has still not come forward to claim their prize.
Mega Millions chiefs revealed the top prize was won for a second time this year on March 25.
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And, they defied the odds of one in 302.6 million to land the bumper prize.
The ticket holder has not yet come forward and officials have issued a warning.
The player has been urged to sign the back of their ticket and keep it in a safe location, as per the Fox affiliate WFLD-TV.
They should also consult with financial advisers and lawyers.
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The ticket was sold at a store in Illinois and the player must book an appointment to claim their prize.
But, the player in Illinois has a year to come forward and claim their winnings.
When they step forward, they will face a conundrum.
The player can either receive their prize in installments - an option known as the annuity.
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Or, they can take home the lump sum.
If the winner takes home the lump sum, then their prize will be automatically slashed.
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The $349 million sum will be reduced to $161.4 million and that is before taxes are deducted from the prize.
The player will have to pay 24% to the federal government in tax.
And, the state of Illinois will withhold 4.95%.
The Mega Millions has undergone a major revamp with a sweeping set of changes.
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.
It will cost players $5 to buy a Mega Millions ticket.
Previously, it cost gamblers just $2 to purchase a slip.
But, news of the price hike has caused controversy.
“I think it’s a rip off,” Carmine Minnella, a lotto player, told News12.
“The states aren't making enough money, I guess. Depending on what they're going to give, I'm not going to play it.”
The price hike isn’t the only change Mega Millions players will notice.
Larger jackpots will occur more often, and breakeven prizes are a thing of the past.
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Prizes will always be worth more than the cost of a ticket.
The jackpot for Tuesday night’s draw stands at an estimated $54 million.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
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