I won $1million on the lottery but my cash option left with $650,000 and I still have to pay taxes
A LOTTERY winner has received his cash prize after buying the lucky ticket - but the winnings are far smaller than the game suggests.
A Massachusetts resident is taking home a smaller sum of the $1million pot from the Monopoly 50X instant game he won after opting for a one-time cash payment.
Theodore Tabor Jr. claimed the prize earlier this month.
Tabor's decision to take the one-time payment decreased his earnings from $1million to $650,000.
His other option was to accept $50,000 a year for the next 20 years.
He will have to pay taxes on the new earnings - normally at least 24 percent of federal taxes and 5 percent to Massachusetts.
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Tabor doesn't seem disgruntled about the smaller amount - he said he would use the funds to repair his house.
He had a one in 2,688,000 chance of winning the prize.
Monopoly 50X is a new lottery game recently introduced in the Bay State - Tabor is the first winner.
Tabor is one of many lottery winners who opted for the larger one-time payment over annual lottery payouts.
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ONE-TIME LOTTERY PAYMENTS
There are several reasons why winners may accept smaller one-time payments instead of getting all their winnings over a few years.
Lump-sum cash options allow winners to receive a significant amount of money upfront.
Often, the one-time payments provide immediate financial relief.
They can also invest the money easier in a lump sum.
Lottery players who are struggling with gambling addiction can call the National Gambling Hotline at 1-800-522-4700 or visit the National Council on Problem Gambling website.
Not all lottery players are happy with the rules around the winnings - residents in another New England state have threatened to boycott their local lotteries.
LOTTERY CONTROVERSY
Connecticut officials updated ticket printing and scanning machines.
The machines hadn't been updated since 2008.
The new machines have had a shaky introduction to the public, with some reportedly struggling to read tickets.
"Yeah, I’m going to stop playing, as of today," Connecticut resident John Carr said after he experienced problems.
Officials have rebuffed the allegations that the machines aren't working.
"We’re experiencing what we consider a normal volume of, 'I’m struggling with this,' or, 'Why did this message pop up?'" Greg Smith, the president of Connecticut Lottery, said.
Read More on The US Sun
The U.S. Sun reports on multiple lottery stories - one winning ticket is still unclaimed.
Also, some Americans can make $125 in a one-time payment.