The Lotto Texas jackpot drawing on Monday failed to yield a winner, catapulting the already impressive jackpot to new heights. The estimated jackpot for Wednesday night now stands at a jaw-dropping $65 million, with a cash value option worth an estimated $40.16 million, according to Dallas Metro News. This makes it the largest advertised jackpot in the state lottery in over a decade.
Should a lucky winner emerge on Wednesday night and opt for the cash value alternative, they will be responsible for paying approximately $9,638,400 in federal tax (24%), ultimately netting a cool $30,521,600. It is essential to note that the winners of the Texas lottery do not pay state tax on their winnings.
In light of this significant milestone, Texas Lottery officials are urging winners to sign their tickets and keep them in a secure location. They should also seek the advice of a financial and legal advisor and contact the Texas Lottery to schedule an appointment to claim their prize.
Etta Grief, Executive Director of the Texas Lottery, revealed that while the jackpot remains up for grabs, many Texas Lottery players have won lower-tier Lotto Texas prizes throughout the jackpot run. Therefore, Grief encourages players to check their tickets after each drawing to see if they have won any of the other cash prizes.
In the absence of a lottery winner for Wednesday night’s drawing, the jackpot prize will continue to soar, edging closer to $66 million by Saturday, April 15. The current annuitized jackpot is the third-largest in North America, behind only multi-state jackpots Mega Millions and Powerball, which offer jackpots of $441 million and $202 million, respectively.
The current Lotto Texas jackpot run, which began on September 19, is the 89th in its history. It started as an estimated annuitized $5 million and is now the largest Lotto Texas jackpot since the May 29, 2010, drawing, where the advertised jackpot reached an estimated $97 million. Lotto Texas has had nine different winning jackpot draws in the $50 million range, with the most recent one being in the drawing on January 26, 2005, where a Garland resident claimed the advertised $57 million prize.
This remarkable jackpot has attracted countless individuals hoping to win big in Texas, creating a sense of excitement and anticipation among the community. As we eagerly await the next Lotto Texas drawing, we can only imagine the excitement that will come with the possibility of winning such a massive prize.