An unidentified person who bought a lotto ticket in Wisconsin lost $1 million, after failing to present the winning Powerball ticket on time.
The ticket was reportedly bought at a Kwik Trip in Eau Claire in September 2015 and matched the winning combination. However, the holder did not redeem the $1 million prize on or before the deadline in March 2016. As a result, the cash will be forwarded to property tax relief.
“The winner did not come forward. I don’t know why,” said Stephanie Marquis, communications director for the Wisconsin Department of Revenue, in a report by USA Today.
Perhaps the buyer lost the winning ticket or forget about buying one. Most unclaimed winnings in Wisconsin are due to tickets being lost or lack of interest in claiming minor cash prizes.
Marquis mentioned that it is unusual for a winner not to claim a jackpot worth $1 million. She continued that the Department of Revenue posted notices to remind the winner that the ticket should be redeemed by Mar. 21, 2016 to avoid forfeiture. According to Wisconsin law, lotto game winners are given 180 days to claim their prizes.
It is not actually the first time that winnings have remained unclaimed in Wisconsin. Since 1997, over $57 million have been unclaimed. Every year, about $2 million to $4 million in lotto prizes are never awarded to a winner. In 2015, over $2.2 million was unclaimed. The amount consisted of Powerball, Supercash, Megabucks, Mega Millions, Pick 4, Pick 3 and Badger 5. Scratch-off tickets are not included in the figures. The chances of winning a Powerball prize of $1 million are 1 in 5,153,633.
Next Avenue provides some tips on what to do if one wins the Powerball. First is to protect the winning ticket to keep it from getting lost or stolen. Next, have one or more financial advisers ready, as well as a publicist, to ward off people asking for money or urging you to make investments in their company. Be ready for taxes. The IRS will take a huge amount from the total winnings. Giving people huge sums will also result to gift taxes.
Also, discuss with financial advisers whether to claim the sum in full or installments. Finally, spend wisely. Some studies showed that 70 percent of lottery winners who win under $10 million go bankrupt after a few years.
