California Lottery SuperLotto Plus® Jackpot is Now $85 Million
SACRAMENTO, January 28, 2003 — The California Lottery has announced that the SuperLotto Plus jackpot for Wednesday night, January 29, 2003 has climbed to $85 million. "Brisk sales have enabled us to raise the jackpot to $85 million and we're very excited about that!" said Lottery CEO Joan Wilson. "We are also 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 $85 million who chooses 26 annual payments, will receive the first payment of $2.125 million and the 26th payment being more than $4.3 million (before a 27% federal tax withholding, there are no state or local taxes). The estimated cash value would equal roughly half of the jackpot — $42.5 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 $425,000 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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