A LOTTERY player faced mixed luck after he won $100,000 from a scratch card play.
This North Carolina Lotto player lost nearly $30,000 after a trip to the lottery headquarters.
A lottery player won $100,000 after they bou8ight a scratch card[/caption]
The winner later had to give up nearly $30,000 of this win (stock image)[/caption]
Donald Chenier, from Sanford, around 40 miles southwest of Raleigh, purchased the lucky slip for $5.
Chenier won the Money Bag game’s top prize.
He purchased the lucky ticket at a Circle K convenience store on N.C. 87 South in Cameron, between Sanford and Fayetteville.
Chenier visited the North Carolina Education Lottery headquarters to claim his big prize.
It was here that the winner saw himself go home with less money than he won.
After state and federal taxes with withdrawn from this amount, he left with $71,501, according to NC Education Lottery.
This scratch card game was introduced in December 2023.
There were four top $100,000 prizes initially available.
Chenier claimed the third top win so there is one last $100,000 up for grabs.
LOTTO LOSS
This lottery player has not been the only one to be impacted by large fees and prices, The U.S. Sun has previously reported.
One player in Kentucky won $1 million from a scratch card but instantly lost half of the cash.
A dad had purchased a ticket from Adairville Market on South Main Street in Adairville, around 40 miles north of Nashville, Tennessee.
He won the game’s top prize of $1 million and visited the lottery offices with his son Jody to claim the money.
Jody and his father were given the choice between annuity payments or a lump sum option.
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.
They chose the one-time payment, which is subject to high fees and taxes.
Their $1 million dropped to $700,000 after Jody selected the one-time payment.
The money further dropped to $504,000 after taxes were deducted.
This fate is not only felt by scratch card users.
A Lotto 47 player had a quarter of her $7.19 million win wiped off.
This man from Michigan took home $4.9 million after he opted to take home the lump sum.