A JACKPOT winner is yet to come forward and claim their staggering prize of $344 million.
Mega Millions lottery officials have revealed that someone in Illinois scooped the huge win on Tuesday’s draw.
2
2
The lucky winner correctly guessed the winning numbers and the Mega Ball to scoop the top prize.
But with no one immediately coming forward to claim the win, lottery officials in Illinois have issued more information about the winning ticket.
The unknown multi-millionaire purchased the ticket at Caseys General Store in Cortland, Illinois ahead of the draw on March 25.
The winning ticket will carry the following numbers: 1, 5, 17, 39, 62 and Mega Ball 8.
read more on lottery wins
According to lotto officials, the winner is the fourth player from Illinois to scoop a Mega Millions jackpot in almost four years with wins in June 2021, July 2022, and Jun 2024.
And it is not just the lottery player who will scoop a massive prize.
The General Store received a cash bonus of $500,000 for selling the winning ticket.
But, the jackpot winner must come forward soon to give themselves as much freedom as possible regarding the win.
Under state lottery laws, the jackpot winner has a year from the draw date to come forward and claim their prize.
If they fail to do so, the money will go to the state to be used towards education.
But while winners have a year, they have more options available to them if they come forward sooner.
In Illinois, the jackpot winner has until May 24 to come forward and claim the winnings if they want to have the choice between receiving a lump sum or annual instalments of their prize money.
They can only choose the lump sum payment within 60 days of the draw date – after that they must choose the annuity payment.
In this case, if the winner chose the lump sum, they would receive $159.1 million after all taxes have been taken off the winnings.
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.
Meanwhile, the annuity option will give an initial payment followed by 29 annual ones with each one increasing by five per cent.
Due to the size of the prize, the winner must claim the cash by calling the Illinois Lottery Player Hotline at 1-800-252-1775 to speak with a lottery representative.
Players are urged by lotto officials to write their name on the back of their ticket and keep it in a safe place until they are ready to come forward and claim it.
Under state law, the jackpot winner can request that they are kept anonymous.
No one won the jackpot in Friday’s draw which had gone back down to $20 million.
But one lucky player did win $5 million by correctly guessing all five white balls to scoop the $1 million prize and taking a gamble on the megaplier which was 5X.
Seven other players won $10,000 in the draw as the jackpot rolled over to $29 million for the next game on Tuesday.
Meanwhile, a Powerball player is sitting on a $5 million ticket and a local law means they will take home more money than other players.
