ONE lucky lottery winner turned out to be not so lucky when opted into a major win that lost him money.
A Massachusetts man played the lottery, but only took home a little over half of the prize.
THE WINNING TICKET
Michael Piers of Oxford, Massachusetts is the first $1 million prize winner in the Massachusetts State Lottery’s “$1,000,000 Snow Much Money” $5 instant ticket game.
He bought his winning lottery ticket from RT 12 Variety store located in Oxford.
The store will also receive a $10,000 award for selling the winning ticket.
But Piers opted to receive his prize in the form of a one-time payment.
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Instead of the $1,000,000 winning prize, Piers will take home $650,000, before taxes.
Lottery officials say that he plans to invest some of his winnings.
Taking a lump sum means a winner will receive 40-50% of the jackpot for immediate use or investment.
Lottery winners who opt for an annuity receive annual payments and more money over time according to consumer-focused website, Annuity.
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SNOW MUCH MONEY
Snow Much Money is an instant lottery game that costs $5 to play and has a top prize of $1 million.
There were three top prizes available at the start of the year.
The chance of winning the top prize of $1 million is one in 3.36 million.
To play, you must match any of "Your Numbers" to any winning number, win prize shown.
Receive a "bell" symbol to win double the prize shown.
Get a "sleigh" symbol to win five times the prize shown.
See a "tree" symbol to win twenty times the prize shown.
And lastly, scratch off a reindeer symbol in the $10, $20 or $50 bonus spot and win that amount automatically.
Tickets are available at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets.
Prize structure is based on the sale of approximately 10,080,000 tickets.
If you or someone you know struggles with a gambling addiction, call the National Gambling Hotline at 1-800-522-4700 or visit the National Council on Problem Gambling website.
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