LOTTERY officials have urged players to double-check their tickets with a six-figure prize pot still unclaimed.
If the unidentified winner doesn’t come forward soon, they could miss out on the life-changing money.
The funds will vanish if the unidentified player doesn’t come forward in time[/caption]
Residents of Arkansas who bought Powerball slips for the drawing on October 5 should quickly look again at their numbers.
The selected digits were revealed as 02, 12, 46, 52, 65, and a red Powerball of 03.
That means the winner earned a Match 4 Plus Powerball, missing only one white ball, and the jackpot prize.
They also elected a $1 Power Play option, which doubled their prize pot from $50,000 to $100,000.
Arkansas Scholarship Lottery (ASL) officials confirmed the winning ticket was bought at an Exxon gas station in Mena, about 133 miles west of Little Rock on the western half of the state, per NBC affiliate KARK.
Sharon Strong, ASL’s executive director, emphasized that they were “thrilled” to hear of the $100,000 win while speaking to the outlet.
“Our players are at the heart of what we do at the lottery, and we’re looking forward to when the lucky winner claims their prize,” Strong added.
In Arkansas, players have a 180-day window to claim prizes.
DEADLINE DOOM
That means the ticket will expire on April 3, 2025.
Assuming that’s the case, the $100,000 prize money will be forfeited.
It will instead return to the state’s general fund and be redistributed to assist residents through various programs.
Should the unidentified player realize their $100,000 win in time, they must sign the back of the ticket and head in person to a claim center in Little Rock or submit it by mail.
It’s advised that players coming in person book appointments in advance to avoid delays and take advice from financial planners about how to distribute the funds appropriately.
The player must also make a crucial decision on how to receive the cash.
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.
NOW OR LATER?
They can either get it all at once through a one-time lump sum distribution or spread through annuity payments over several years.
Most select the lump sum, which is hit with taxes.
The federal government imposes a 24% tax on all lottery winnings over $5,000.
Arkansas can decide its own rate and currently sets it at 4.4%.
That means about $28,400 will be taken out of the Powerball prize, leaving the player walking away with around $71,600.
Another player in Arkansas will also encounter a similar situation if they come forward in time to claim a $1 million prize bought at Casey’s gas station in Springdale.
Responsible gambling
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- National Council on Problem Gambling – https://www.ncpgambling.org/
- Gamble Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
