Lottery winner calling himself ‘King of Cash’ scoops $3m prize – as store reveals how much they get from lucky ticket

A LUCKY lottery player has won $3 million after he scratched off a ticket while standing in the convenience store.

The winner, who has chosen to identify only as the King of Cash, was shocked when his $30 Cash is King scratch ticket won him millions.

"I scratched off the ticket while I was still at the convenience store", he said per an Illinois Lottery press release, according to WGN-TV.

"I thought I read the ticket wrong. I had the cashier verify it for me, and he said, 'Congratulations!'

"It was so shocking. My heart was pounding and I immediately started to sweat. I couldn’t believe it!"

The King of Cash bought the winning ticket at Bellwood Liquor and Grocery in Bellwood, Illinois — about 14 miles west of Chicago.

Bellwood Liquor and Grocery received a selling bonus of 1% of the prize amount for selling the winning ticket, per the outlet,

The store was given a whopping $30,000.

'I WAS SO SURPRISED'

The new millionaire couldn't wait to share the news that he almost left without his car.

"I was so surprised, and I needed to rush home," he said, according to WGN-TV.

"I was in such a hurry, I ran out of the store and almost headed home, forgetting my truck in the parking lot!"

The King of Cash also revealed what he plans to do with his new winnings.

"First, I want to pay off our mortgage and my car," he said.

"Next, my wife wants a new car and my son needs a new car. New cars for everybody!"

ANOTHER WINNER

A lottery player in New York also won $3 million from a scratch-off ticket.

Anthony Gallo from Batavia, New York - about 35 miles from Rochester - won the top prize on a $10 ticket.

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.

He bought the lucky ticket at a Speedway in Batavia.

Though the ticket was marked at $3 million, the player was forced to hand over a large chunk of his winnings.

Gallo opted for the lump sum option, meaning he wanted the prize in one big payment.

When players select the lump sum, both federal and state taxes are also deducted.

This means players take home much less than they anticipated.

In Gallo's case, he was given $1,386,630 after money was deducted — less than half of the original advertised winnings.

However, if he had picked the second option, annuity payments, he would have been given the full amount.

The only downside is it would have been given to him in increments over time.