SACRAMENTO, January 27, 2003 — California residents are lining up today at favorite Lottery retail locations for a chance at winning $82 million for the SuperLotto Plus drawing of Wednesday, January 29, 2003. No one had the winning ticket for Saturday night's jackpot prize, creating a jackpot of $82 million. "It's great to kick-off the new year with a jackpot of $82 million!" said Lottery CEO Joan Wilson. "We are excited for the lucky Californians who have a chance to win this prize. And most importantly, California public schools will receive a contribution of $53 million."
The California Lottery currently has the largest single state lottery jackpot in the country. A single jackpot winner of $82 million who chooses 26 annual payments, will receive the first payment of more than $2 million and the 26th payment being more than $4 million (before a 27% federal tax withholding, there are no state taxes). The estimated cash value would equal roughly half of the jackpot — $41 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 the winning ticket would receive 1/2 of 1% of the jackpot as a bonus for selling the winning ticket. A single winning ticket would yield $410,000 for the retailer who sells a single winning ticket.
With at least 34% of all Lottery sales going to education, the sales from this jackpot will generate an estimated $53.5 million for public education. California's schools have received over $14 billion from 34% of Lottery sales since 1985.
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