Chose to Receive $4 Million Prize Over 30 Years
Lump-Sum Option Was $2.7 Million
In the United States, a woman in her 70s won an instant lottery prize worth 5.5 billion KRW, but chose to receive the winnings in installments over 30 years instead of a lump-sum payment.
According to People magazine on July 6 (local time), a 77-year-old woman identified as A, who lives in Oakland County, Michigan, won $4 million (approximately 5.47 billion KRW) in the Michigan Lottery's 'Electric 300s' game.
She said, "I enjoy playing instant lottery tickets, and my favorite is the $30 (about 41,000 KRW) ticket. After finishing my shopping, I scratched the ticket in my car and when I saw that I had won $4 million, I was so stunned that I couldn't move for a while."
A returned home and showed the winning ticket to her husband. She said her husband still found it hard to believe, even after carefully checking the ticket. A added, "I haven't told anyone else about the win yet. I plan to surprise other family members with the news soon."
According to a press release from the Michigan Lottery, the woman recently visited the Michigan Lottery headquarters to claim her prize. She chose to receive the winnings in annual installments of about $133,000 (181.81 million KRW) for the next 30 years, instead of a lump sum of $2.7 million (4.1 billion KRW).
There are two ways to receive the prize for this lottery: the winner can either take a one-time lump sum of $2.7 million, or choose the installment option and receive the full $4 million as an annuity over 30 years.
A said she plans to use her winnings to renovate her home, share with her family, and make donations.
The 'Electric 300s' game was launched in Michigan last month, and so far, more than $15 million (about 20.55 billion KRW) in prizes have been awarded across the state. The ticket price is $30, and prizes range from $30 up to a maximum of $4 million.
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