Monday, June 5, 2023

Lottery player wins $2 million but loses $610,000 because of how he claimed the prize

The Florida Lottery announced that a man named George Yazgi, 28, of Jacksonville claimed the $2 million jackpot from the Florida 100X The Cash scratch-off game at the Lottery headquarters in Tallahassee.

The winner was selected to receive their winnings in the form of a one-time cash payment of $1.39 million. This means that $610,000 was taken from him.

The reason is that the player was given two options to collect his prize. The first was to receive the full $2 million as annual payments for 29 years.

The other option was to receive a single payment, but only $1.39 million. They offer this amount because the lottery can immediately give the winners the money that is currently available from ticket sales. From this money, federal and state tax money required by the winner is also deducted.

Had he chosen the first option, they would have given him the full $2 million, but he would have had to wait three decades to receive the full amount.

The lottery can give away the full $2 million this way, because it’s easier for the organization to make smaller payments over the years.

Yazgi purchased his winning ticket at an FCE store located at 9551 San Jose Boulevard in downtown Jacksonville. The store will receive an additional $4,000 commission for selling the winning scratch-off ticket.

The $10 scratch-off game, FLORIDA 100X THE CASH, launches in October 2022 and offers over $270 million in cash prizes, including eight $2 million jackpot prizes.

The odds of winning any amount of prize in this game are 1 in 3.43.

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Nation World News Desk
Nation World News Desk
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