It’s hard to believe that a single lottery ticket can win such a big prize, but it has happened. In April of this year, a New York man named Manuel Franco claimed a lottery jackpot worth $768 million. He suffered from alcohol and gambling problems and his life spiraled out of control after his win. He later died in hospice care. After claiming his lottery jackpot, Manuel Franco held a press conference and announced his victory. Later, he went into hiding amid a campaign of harassment. In 2021, the Better Business Bureau of Wisconsin issued a warning to the public about scammers who pose as multimillionaire lottery winners.
There are two basic options available to lottery winners: a lump-sum payment and an annuity payment. A lump-sum payment is less than the jackpot amount, and tax payments are taken out of it. This payment can then be invested to increase its value later. In some cases, lotteries also offer annuity payments that increase with inflation. In either case, the net amount of a lottery jackpot is often misleading.
In some states, lottery winners are allowed to remain anonymous. In Illinois, lottery officials are not required to reveal the name of lottery jackpot winners unless they choose to do so. In the Mega Millions lottery, for example, the prize has been valued at $1.337 billion. The lottery winner, a former Air Force pilot, chose to remain anonymous. His family has received letters wishing them well, but it’s unlikely that they’ll reveal their name.