POWER PLAY
I won a $2 million Powerball jackpot after buying my ticket at a cigar shop – but lost nearly half when I got my prize
The winner's decision lost them nearly $700,000
A LUCKY lottery winner has stepped forward and claimed their $2 million prize.
The winning Powerball ticket was purchased at a cigar shop in New York.
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A New York company recently came forward to claim its $2 million lottery winnings.
The 3317 Holdings Limited Liability Company of Huntington matched the five white Powerball numbers to secure the cash.
Drawn on October 2, 2023, the winning numbers were 12, 26, 27, 43, and 47.
The LLC failed to match the red Powerball number, 5.
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The company did, however, opt to purchase the $1 Powerplay, which doubled their $1 million prize to $2 million.
The Powerplay feature multiplies non-jackpot prizes up to 10 times.
The New York LLC bought its ticket at the Smokes 4 Less cigar shop at 59 North Plank Road in Newburgh.
COSTLY DECISION
The company opted to receive a lump sum payment, which came out to $1,302,001 after federal and state taxes were withheld.
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The lump sum option for lottery prizes comes as one payment, versus the annuity option that is paid out in yearly installments over decades.
The former option generally offers winners a smaller total prize because of how heavily taxed it is.
Unclaimed Lottery Riches: Are You A Winner?
In the case of the New York company, it lost just under $700,000 - nearly half the $2 million prize - to taxes.
Another New York lottery winner, Walter Jewels, similarly lost a chunk of his winnings after opting to take a lump sum.
On the other hand, the annuity option pays the prize money in full.
However, because the prize is usually paid to winners over 30 years, the monetary value likely drops with years of inflation.
Top lottery winners in the US
Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.
- Edwin Castro - $2.04 billion, Powerball, Nov. 8, 2022, in California.
- Theodorus Struyck - $1.765 billion, Powerball, Oct. 11, 2023, in California.
- Unknown winner - $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
- Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida - $1.586 billion, Powerball, Jan. 13, 2016.
- Unknown winner - $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
- Unknown winner - he sued the mother of his child to keep his identity hidden - $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
- Unknown winner - $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
- Unknown winner - $1.326 billion, Powerball, April 7, 2024, from Oregon.
- Yanira Alvarez - $1.08 billion Powerball, July 19, 2023 in California.
- Wolverine FLL Lottery Club - $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
- Unknown winner - $842.4 million Powerball, Jan. 1, 2024, from Michigan.
NEW YORK LOTTERY
The New York Lottery is the biggest and most lucrative lottery in North America, according to the state's lottery website.
It contributed a whopping $3.7 billion toward state education in the 2022 to 2023 fiscal year.
The Powerball game in New York amassed $516,866,283 in sales throughout 2022 to 2023 fiscal year.
Many in the state have won life-changing amounts from the lottery.
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One New York woman stopped by a gas station and ended up winning $1 million on a scratch-off ticket.
Another New York winner won the $9.6 million jackpot but took home slightly more than a third of the prize.