Sales Spike Lottery Jackpot To $85 Million
SACRAMENTO, February 7, 2002 -- California residents are lining up at their favorite Lottery retail location for a chance at winning $85 million for the SuperLotto Plus drawing of Saturday, February 9, 2002. "Sales are brisk and excitement is high for this jackpot," said Lottery Director Joan Wilson. "We're tracking sales and they are absolutely phenomenal! All of this excitement is great for our State's public schools that will benefit by approximately $50 million."
The California Lottery currently has the largest lottery jackpot in the country -- bigger than Powerball or the other multi-state games. A single jackpot winner of $85 million who chooses 26 annual payments, will receive the first payment of more than $2.1 million and the 26th payment being more than $4.3 million (before federal tax withholding). 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.
Alcario Castellano of San Jose, 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. Union Valley Liquor, the retailer who sold that ticket, earned $705,000 the largest retailer bonus in the Lottery's history.
With at least 34% of all Lottery sales going to education, the sales from this jackpot (which has rolled 9 times) will generate an estimated $48 million for public education. California's schools have received $13 billion from 34% of Lottery sales since 1985.
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