I won $20million in the lottery – but a single decision I made meant I lost over $5million of the top prize
One lucky woman beat all the odds and took home a multi-million dollar prize in her state lottery.
The Brooklyn woman won the grand prize at Ohio’s Billion scratch card game.
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Tickets for the popular Billion scratch card game are only $50.
However, victory is not an easy task.
McDonnell beat the odds of 1 in 6.48 million and took home the grand prize.
Most jackpot winners opted for a lump sum payout.
Instead of collecting the sum overnight, McDonell will receive an annuity.
Lottery winners who choose the annuity option receive smaller shares of the prize money over time.
For McDonell, that means she’ll be paid $1 million a year for 20 years.
While it’s still a steep price, McDonell will be missing out on a portion of her income after federal and state taxes are deducted.
After taxes, she’ll take home about $720,000 a year for 20 years.
After-tax losses will total over $5 million, a hefty price to pay to maintain a stable income over the years.
There are a few reasons why some winners prefer the annuity option.
The annuity payments could be a good choice for a person worried about their ability to manage such an incredible wealth.
Unfortunately, many lottery winners ran into financial difficulties just a few years after taking home their winnings.
McDonnell bought her winning ticket at the Memphis Shell at 7210 Memphis Avenue in Cleveland.
The Shell Gas Station in Memphis will get a $100,000 bonus for selling the ticket.
According to the Ohio Lottery website’s press release, more people will stand a chance of winning with three $1 million-a-year prizes remaining for 20 years.
Tickets for the Billion game have been on sale since January 2023.