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Plus, the pros and cons between a crucial choice the winner has to make
LOTTERY players have been advised to double check their tickets from a recent drawing, as they could be missing out on millions of dollars.
Officials are still reaching for the holder of a $78 million winning ticket, and time is running out to get the money.
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Someone hit the big time during a November 15 drawing of the Lotto Texas game, which has a similar format to Powerball and Mega Millions.
A player matched all six numbers picked, which were 7, 17, 23, 28, 39, and 48, according to a news release from the Texas Lottery.
It was also confirmed that the ticket purchase was made at a Gordon’s Bait & Tackle in Brownsville, located in the very southernmost tip of the state near the Mexico border.
As it stands, the unidentified ticket holder has 180 days from the draw date (November 15) to come forward to get the $78 million payday, the sixth largest in the game’s history.
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That would make the expiration date May 14, 2026.
The money will expire, truly, meaning that after that time the player can no longer get it and it will be redistributed into state programs authorized by the Texas Legislature.
These include the Foundation School Fund, Fund for Veterans’ Assistance, and other initiatives.
Assuming the player does make it in time, they would need to head in-person to Texas Lottery headquarters in Austin to obtain the prize, as it is well over $5 million.
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The $78 million prize has been building since February 19, with it taking a record 116 drawings for the jackpot to be won again.
“We are thrilled that a lucky player purchased the jackpot-winning ticket for this long-awaited Lotto Texas jackpot win, which is one of the largest in the game’s history,” Courtney Arbour, executive director of the Texas Department of Licensing and Regulation (TDLR), said in a statement.
TDLR oversees the Texas Lottery.
“We look forward to meeting and congratulating the winner when they come forward to claim the prize. Texans can feel confident that wins like this are supported by secure, well-managed games under TDLR,” Arbour continued.
“If you believe you are the lucky ticket holder, please sign your ticket, keep it in a safe place, seek financial and legal advice, and call the Texas Lottery to schedule an appointment to claim your prize.”
After arriving in Austin, the player will have to make the choice between taking the money in a lump sum or through split annuity payments.
LUMP SUM VS ANNUITY
Lottery winners need to decide whether to take a big jackpot as a lump sum or as annuity payments.
What is a lump sum?
What are annual payments?
Assuming they take the lump sum, as many players do, the windfall will be significantly less due to taxes.
Given that the cash option is just $43.6 million before taxes, the federal withholding of 24% would take out around another $10.46 million.
Then, once the player files their federal tax return and includes the windfall, they’ll likely be bumped up to a different tax bracket and face another $5.66 million deducted.
So after everything, the Texas winner would net about $27.47 million.
That’s still a considerable and life-changing sum.
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Another lucky Mega Millions player recently landed a jackpot of nearly $1 billion after it built up over several months.
The Powerball jackpot has also rolled over to around $570 million as officials still search for a $2 million winner.
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