Lottery winner wins $4 million top prize in new game – but loses nearly $1 million due to split-second decision

ONE lucky lottery winner has won the top prize in a brand new scratch card game.

The lucky winner was able to secure a lottery win of $4 million, even though he only paid $50 for the ticket price.

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The winning ticket was reportedly sold to a Windsor, Connecticut, resident at the Noble gas station in Hartford, Patch.com reported.

The winner, who wishes to remain anonymous, claimed his prize on Wednesday, the Connecticut Lottery website reported.

According to the website, the winner opted to receive his winnings in a one-time gross payment of $3 million rather than receiving them over 20 years.

Arthur Mongillo, public affairs manager for the Connecticut Lottery, called the situation “unique.”

“What’s unique about this is that this is the first grand prize we’ve sold for a $50 scratch-off ticket,” Mongillo told The Trumbull Times.

According to the outlet, the store that sold the winning ticket received a $40,000 bonus from the state lottery system.

Mongillo told the outlet that Frank Suarez, president and CEO of the Connecticut Lottery, personally presented the check to the winner to celebrate the big win.

“Something like this doesn’t happen every day,” Mongillo said.

The hefty million-euro tax on the profits comes from the federal government.

The IRS imposes a federal tax rate of 24% on lottery winnings.

Some states may also impose a local tax.

According to the state's official website, Connecticut imposes a seven percent tax on winnings.

WINNER, WINNER

Big winners are not uncommon in Connecticut.

According to the lottery website, three citizens of the constitutional state have already emerged as winners of large sums of money.

Lottery win: lump sum or pension?

Players who win big in the lottery are usually faced with a decision: lump sum payment or pension?

The two withdrawal methods can affect how much money you receive from your winnings.

Pensions are paid out slowly and in installments, often over 30 years.

With lump sums, everything is paid out at once, but in a smaller amount because taxes are withheld all at once. This means that 24% of your winnings go to Uncle Sam immediately. Many states also tax winnings.

Annuities can give winners time to build the financial infrastructure needed to receive a life-changing sum of money, but lump sums have the advantage of being taxed only once.

Inflation should also be considered when making decisions, as payouts do not adjust to the value of a dollar. This means you are likely to receive less valuable money toward 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 payout policies. A financial advisor can also help you weigh the pros and cons of each option.

Experts have differing opinions on the question of whether one should opt for a lump sum payment or a pension.

Along with the announcement of the $3 million win, a Stratford resident was presented with a cash prize of $100,000, while another received $50,000 and $10,000, respectively.

UNSPENDING WINNINGS

News of this latest lottery win comes after three Powerball winners in Pennsylvania could lose their $1.25 million prize.

According to state regulations, players have until Halloween to claim their prize.

The US Sun had previously reported that in early October last year, an unknown player bought a lottery ticket worth $1 million at the United Food Market in Philadelphia.

Another player managed to win $100,000 the same day with a ticket purchased at Rite Aid in Pittsburgh.

The final lot, valued at $150,000, was sold on October 9 at Blose's Market in New Tripoli, about an hour north of Philly.

If winners are unable to collect their winnings, the money will be added to the lottery fund and used for programs that benefit the state's senior citizens.

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