A Powerball lottery card rests on a table, Friday, Jan. 8, 2016, in Lyndhurst, Ohio. Lottery officials say sales have been robust since no one won Wednesday’s estimated $500 million jackpot. It will be the biggest U.S. jackpot ever, beyond the previous record of a $656 million Mega Millions prize won in 2012 by players […][/caption]
LOTTERY officials have issued an urgent warning as a $1.1 million ticket still sits unclaimed.
A lottery winner has yet to claim the massive “lucky day” lotto prize months after it was announced.
If the prize isn’t claimed a year after it was drawn it could be lost[/caption]
The winner only has three months left to claim their cash[/caption]
Lottery officials have urged whoever won the huge sum to step forward.
The jackpot prize is dangerously close to going completely unclaimed with the winner soon to lose out on their cash.
Lottery prizes often go unclaimed in the US despite being won.
There are several reasons a prize could go unclaimed but lottery bosses are often forced to track down winners who don’t step forward.
Lottery bosses at the Illinois Lottery are trying to track down the winner of a $1.1 million jackpot.
The ticket was drawn on September 8 2024 and was bought as part of the Lucky Day Lottery at a liquor store in Chicago.
Players are given one year from the date of the draw to come forward with their claim, if they don’t they wont be able to claim the prize.
There are currently four more Lucky Day prizes going unclaimed, two worth $550,000, one worth $300,000 and one worth $250,000.
Millions of dollars are won in the lottery every year but many prizes go unclaimed.
Prizes could go unclaimed for several reasons, tickets could get lost and people could be unaware they have won.
Usually if prize money goes unclaimed it will be channelled back into the lottery or put to good causes.
The current Lucky Day draw has a jackpot prize of $100,000 and will close tonight.
The Lucky Day draw offers people feeling lucky the chance to choose five numbers between 1 and 45 with tickets costing $1.
If their numbers come up on their chosen draw they can win massive prizes.
Prize sums vary draw by draw with some getting as large as the unclaimed $1.1 million.
Other prizes can be relatively small like the current $100,000 draw.
Illinois Lottery officials have warned the winner of the unclaimed $1.1m that they only have three months left to claim their prize.
When September 8th passes the lucky winner will be left with nothing to show for their gamble.
The Illinois Lottery has a list of unclaimed prizes on their website.
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.
