I won $500k in the lotto thanks to a cousin’s present – it was supposed to be my father’s, but he ‘traded’ for a flashlight

By Joseph

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I won $500k in the lotto thanks to a cousin's present - it was supposed to be my father's, but he 'traded' for a flashlight

Winning a large lottery prise must feel like receiving all of your birthdays and Christmases at once.

For one Indiana woman, that was pretty much the case.

Emily Hickox won $500,000 in the Michigan Lottery and found out on Christmas Day, which is also her birthday!

She won first prise on the Detroit Lions Instant Win ticket, but it almost didn’t happen.

“My cousin purchased the ticket for the white elephant gift exchange at our family Christmas party,” Emily told me.

“My dad won the ticket in the gift exchange, and I got the flashlight he brought.

“He wanted his gift back, so we made an agreement after the game to trade gifts.”

The accidental lottery winner scratched off the ticket, believing she had won a less valuable prise.

“I downloaded the Michigan Lottery app and created an account to check the ticket on the app scanner,” Emily told me.

“I expected to see $50,000, so when I saw the extra zero, I was stunned! I couldn’t believe I had just won $500,000.

The winning ticket was purchased at the Meijer store on 10 Mile Road, Rockford, Michigan.

Suzanna Shkreli, lottery commissioner, commented on the win, saying, “We love hearing all of the fun and exciting ways our players find out they’ve won big prizes, and a win like this is what every Lottery player dreams of!”

She went further: “Winning a prise of $500,000 is a thrill in itself, combined with the excitement of winning on Christmas, and your birthday, from a ticket you received as a gift makes it even more incredible.”

WINNING GAME

The Detroit Lions instant game costs $5 and has an overall odds of one in 3.95.

The prizes range from $5 to the $500,000 jackpot, which has three levels.

To win the prise shown, players must match any of their numbers with one of the winning numbers.

Lottery winnings: lump sum or annuity?

The two payout methods can affect the amount of money you receive from your prise.

Annuities are paid out in slow increments, often over a 30-year period.

Lump sums pay all at once, but in a smaller amount, because taxes are withheld all at once. This means that Uncle Sam receives 24% of your prise right away. Many states tax winnings as well.

Annuities can give winners time to build the financial infrastructure needed to receive a life-changing amount of money, whereas lump sums are taxed only once.

Inflation is also something to consider when making a decision, as payouts do not adjust with the value of a dollar. That means you’ll likely receive less valuable money near the end of your annuity.

Prise payouts vary by state and game, so it’s best to check with your state lottery to confirm payment policies. A financial advisor can also help you weigh the benefits and drawbacks of each option.

Experts differ on whether to take a lump sum or an annuity.

The game debuted in September, and more than $21 million has already been won.

Other recent instant wins include a player in Connecticut who won twice with two tickets purchased in the same location.

The lucky lottery winner won $200,000 on a Cash Royale ticket before winning $750,000 on a $1,000,000 Jumbo Cash ticket a few days later.

Meanwhile, a Powerball prise from March last year has yet to be claimed.

The $50,000 winning ticket was purchased at a Super One Foods outlet in Baxter, approximately 130 miles from Minneapolis, Minnesota, and is still available.

Players are being urged to check their old tickets as soon as possible, as the deadline for claiming the cash is a year after the draw, so there are only a few weeks until the tickets expire.

Responsible gambling

Remember, 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

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