SACRAMENTO, February 4, 2002 -- California residents are quickly catching Lotto Fever as it spreads throughout California. "Residents are lining up to buy tickets for an eye-popping jackpot of $60 million that would fuel the most outlandish of dreams. Buying into the SuperLotto Plus jackpot of $60 million only costs one dollar," said Lottery Director Joan Wilson. "It's fun just thinking about spending a dollar and what a lifestyle change that dollar might bring."
The California Lottery currently has the largest single state lottery jackpot in the country. A single jackpot winner of $60 million would receive 26 annual payments with the first payment equaling approximately $1.5 million and the 26th payment being approximately $3.06 million before federal withholding. There are no state taxes withheld. The estimated cash value would equal roughly half of the jackpot-- $30 million or the amount the lottery would invest to payout the jackpot prize over 26 years. In the event of the death of a winner, the full prize is paid to the estate of the winner. A retailer who sells this winning ticket will receive a commission of half of one percent or $300,000.
Alcario Castellano of Santa Clara, California made Lottery history when he won a record-breaking jackpot, the largest in Lottery history of $141 million on June 23, 2001, making him the largest individual prize winner in California Lottery history.
With at least 34% of all Lottery sales going to education, the sales from this jackpot (which has rolled 8 times) will generate an estimated $35 million for public education. California's Schools have received $13 billion from 34% of Lottery sales since 1985.
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