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The US Sun
Lottery winner calling himself ‘King of Cash’ scoops $3m prize – as store reveals how much they get from lucky ticket
By Olivia Salamone,
5 days ago
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.
An Illinois lottery player was the lucky winner of $3 million after buying a $30 scratch ticket Credit: Illinois LotteryThe winner bought the ticket at Bellwood Liquor and Grocery in Bellwood, Illinois Credit: Google Maps
"I scratched off the ticket while I was still at the convenience store", he said per an IllinoisLottery 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!"
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.
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