SACRAMENTO, February 5, 2002 -- California residents are scurrying to cash in on the latest bout of Lotto Fever as it spreads throughout California. "It's only $1 dollar to buy a chance at winning a life changing prize. Thinking about $62 million and all of the good things you can do with it is certainly entertainment," said Lottery Director Joan Wilson. "The best part about playing the Lottery is that it translates to more money for our public schools."
The California Lottery currently has the largest single state lottery jackpot in the country--bigger than Powerball or the other multi-state games. A single jackpot winner of $62 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-- $31 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 $310,000.
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.
- # # # -