LOTTERY officials from a major US city announced an exciting milestone for one lucky player.
The winner of a huge ticket worth $16.300,000 has yet to come forward to claim the cash.
The New York Lottery has revealed that the winning ticket was sold for the October 9 LOTTO drawing.
Whoever won the prize bought the ticket at Flying Phoenix, located at 790 11th Ave in Manhattan, New York.
In the LOTTO game, six winning numbers and a bonus number are drawn from a pool of numbers ranging from 1 to 59.
To win the jackpot, players must match all six drawn numbers.
Additionally, those who match five numbers plus the bonus number can win significant second prizes.
The LOTTO drawing occurs every Wednesday and Saturday at 8:15 pm, providing regular opportunities for players to test their luck.
CLAIMING THE PRIZE
For the lucky winner, claiming the prize requires keeping the ticket secure and signing the back of it, as it functions as a bearer instrument.
Winners must act quickly, as tickets expire one year from the draw date, per the state’s lottery website.
For prizes under $600, winners can redeem their tickets at any licensed New York Lottery retail location, Customer Service Center, Prize Claim Center, or by mail.
However, for prizes of $600 or more, claiming must occur at a New York Lottery Customer Service Center, Prize Claim Center, or through the mail.
To successfully claim a prize, winners need to provide:
- Their winning ticket
- A completed Winner Claim Form
- A valid government-issued ID
- A valid Social Security Number or FEIN
When visiting a Lottery Customer Service Center, it may be necessary to schedule an appointment, although some locations allow walk-ins.
Acceptable forms of identification include US or Foreign Passports, driver’s licenses, government IDs, and military IDs.
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.
ANOTHER WAY TO CLAIM
Winners also have the option to claim prizes by mail.
This involves completing the back of the ticket and including the Winner Claim Form.
Using registered mail for tracking is recommended. The mailing address for claims is:
New York Lottery
PO Box 7533
Schenectady, NY 12301-7533
It is important for all winners to keep in mind that draw game prizes must be claimed within one year of the draw date.
