LOTTERY officials are desperately searching for the player who landed a multi-million dollar prize pot recently.
The unknown winner played a popular game and broke a state record after matching their ticket to the numbers drawn.
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Those digits were 10, 16, 24, 33, 39, and 46 for the Hoosier Lotto game on March 12 in Indiana.
Matching all six numbers, similar to the Powerball or Mega Millions, earned the player a jackpot win worth $42.5 million.
It’s the fourth-highest for the Hoosier Lotto game in the state’s history.
The largest was won back in November 2007, worth $54.5 million — not too far off, per Yahoo! News.
Hoosier Lottery officials confirmed that they bought the jackpot-snatching slip at an On the Fly gas station in Tell City, about 179 miles southwest of Indianapolis near the Kentucky border.
Indiana is one of several states that only allows 180 days for lottery players to come forward and claim a win.
That would mean that the $42.5 million ticket expires on September 8, 2025.
Should the unidentified Hoosier Lottery player not perform the three-step process to obtain the money by that time, it will be forfeited.
GONE IN A FLASH
Instead, as it has done for more than 35 years, the Hoosier Lottery will re-distribute the funds to local police and firefighter pensions, along with the Teacher’s Retirement Fund and Lottery Surplus Fund.
Assuming the player is aware of their life-changing win and plans to come forward soon, they must first sign the back of the ticket to validate it as theirs.
This is a crucial move that cannot be missed.
Secondly, given that the prize is well over $50,000, they must fill out the claim form and contact the Hoosier Lottery by phone at 1-800-955-6886 and schedule an in-person appointment to get the money.
This would take place at the Hoosier Lottery’s Indianapolis headquarters.
After arriving, they’d face the third decision — how to receive the funds.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
DECISIONS DECISIONS
Lottery players are always offered the option to take the cash through a one-time lump sum distribution or annuity payments spread out over several years.
While experts and lawyers have debated which is better for years, most players end up taking the lump sum.
If the unidentified Hoosier Lotto winner does as well, they’d be handing over a fairly large sum for taxes.
The federal government always takes out 24% on lottery wins over $5,000.
Indiana’s rate is 3.5%, meaning at least $11.6 million will be taken before the player sees any of the jackpot.
Depending on other details and tax rules, it could be more.
Still, the player would walk away with around $30 million, a significant return on the investment for the ticket.
Other states also have unclaimed tickets this month.
An anonymous Powerball winner in Illinois still hasn’t come forward to get a $1 million win.
There’s even a $664,000 ticket in New Jersey that’s without an identified winner.
Responsible gambling
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- National Council on Problem Gambling – https://www.ncpgambling.org/
- Gamble Aware – www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on 1-800-522-4700 or go to ncpgambling.org/chat
