Anonymous shopper lands $5.7m lotto jackpot – but faces losing more than half if inspired by Edwin Castro

A LOTTERY player scooped a $5.7 million prize but could lose more than half of the sum based on the decision they make when they claim their prize.

The player bought the winning ticket at an off-license in Colorado.

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When the individual does come forward to claim their winnings, they will have the option of receiving an upfront lump sum.

The ticket is worth $5,727,684, but if they make this decision, their prize money will be more than halved.

The lump sum would be just over $2 million – still a hefty sum, but considerably less than the original $5.7 million.

This is what Edwin Castro did when he won the lottery in November 2022.

Rather than taking money from the $2 billion jackpot in regular installments over three decades, Castro took the lump sum.

He received $997 million, turning him into a billionaire overnight.

The winning Colorado ticket was purchased this week, on Wednesday night.

The unknown individual purchased their ticket at a Sundance Drug & Liquor store in Snowmass Village – about a three-and-a-half-hour drive from Denver.

The winning ticket is a Colorado Lotto+ ticket, according to the Fox network-affiliated KDVR .

At the moment, the Colorado Lottery is still waiting for someone to come forward to claim their winnings.

Players have 180 days after the drawing to claim the ticket.

This is just one of the many recent winners of the Colorado Lotto+.

Numerous other lucky individuals have won over $1,000 in the past few days.

But the last time a sum this big was won was in April 2024.

The lottery player won $7 million – one of the highest payouts for the Colorado Lotto+.

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 .

This sum, however, is a lot less than some lottery players have won in different states.

An unknown player won over $1.5 billion in 2018 from a Mega Millions Jackpot.

And this individual came close to losing their winnings.

It took them an entire year to come forward to claim their prize money.

This is just one of the reasons why lottery officials regularly issue warnings to players to check their tickets.

Top lottery winners in the US

Millions dream of winning the lottery and finding fame and fortune. These are the biggest winners in US lottery history.

• Edwin Castro – $2.04 billion, Powerball, Nov. 8, 2022, in California.
• Theodorus Struyck – $1.765 billion, Powerball, Oct. 11, 2023, in California.
• Unknown winner – $1.602 billion, Mega Millions, Aug. 8, 2023, in Florida.
• Marvin and Mae Acosta from Los Angeles, California, John and Lisa Robinson from Munford, Tennessee, and Maureen Smith and David Kaltschmidt from Melbourne Beach, Florida – $1.586 billion, Powerball, Jan. 13, 2016.
• Unknown winner – $1.537 billion, Mega Millions, Oct. 23, 2018, from South Carolina.
• Unknown winner – he sued the mother of his child to keep his identity hidden – $1.348 billion, Mega Millions, Jan. 13, 2023, from Maine.
• Unknown winner – $1.337 billion, Mega Millions, July 29, 2022, from Illinois.
• Cheng and Duanpen Saephan , and Laiza Liem Chao – $1.326 billion, Powerball, April 7, 2024, from Oregon.
• Yanira Alvarez – $1.08 billion Powerball, July 19, 2023 in California.
• Wolverine FLL Lottery Club – $1.05 billion, Mega Millions, Jan. 22, 2021, from Michigan.
• Unknown winner – $842.4 million Powerball, Jan. 1, 2024, from Michigan.

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