JACKPOT ADVISORY: California Lottery SuperLotto Plus Jackpot Rises to $63 Million
SACRAMENTO, April 5, 2004 – Californians are quickly catching Lotto Fever as it spreads throughout California. “It’s only $1 dollar to buy a chance at winning $63 million” said Tony Molica, CEO of the California Lottery. “It’s easy to catch spring fever and dream about winning $63 million. The most important part is that the jackpot translates to $40 million more for our public schools from all of the sales.”
A single jackpot winner of $63 million would receive 26 annual payments with the first payment equaling approximately $1.5 million and the 26th payment being approximately $3.2 million before federal withholding. There are no state taxes withheld. The estimated cash value would equal roughly half of the jackpot-- $31.5 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 family of the winner. A retailer who sells this winning ticket will receive a commission of half of one percent or $315,000.
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 will generate an estimated $40 million for public education. California’s Schools have received $1 billion from 34% of Lottery sales during the 2002-2003 fiscal year.
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