Lotto Texas Claim
Last Updated: Thursday 11th October 2007, 17:26 pm
Raymond Carter Farrar, President of Trinity RC Ltd, has stepped forward on behalf of the "legal entity" he runs to claim a Lotto Texas prize worth $26 million.
Farrar requested minimal publicity, but an official announcement by the Texas Lottery revealed that the winning ticket bought from a food store in McGregor. As a reward for selling the winning ticket, the store receives a bonus of 1% of the jackpot prize fund, which gives it a payout of $263,415.09. The numbers entered on the winning ticket were selected at random using the Texas Lottery Quick Pick feature.
The Lotto Texas game requires players to select 6 numbers from 1 to 54. They can either choose their own numbers or use the Quick Pick option to have them generated at random. The play slip allows players to enter the same set(s) of numbers for up to ten draws in advance. Players must also indicate on the ticket whether they would want to receive a jackpot prize in the form of "25 Annual Payments" or whether they would prefer to take the "Cash Value Option", which is a single lump sum. The ticket presented by Farrar had the Cash Value Option checked, so he received $16,139,785 and will need to pay tax on that amount.
There are four prize levels in the Lotto Texas game, and the overall chance of a player winning any prize is 1 in 71. The odds of a player matching all of their six numbers to win the jackpot are 1 in 25,827,165.
Originally, the Texas Lottery was launched to raise money for the General Revenue Fund, but since 1997 all money raised has been transferred to a Foundation School Fund which exists to support public education in Texas. So far, some $9 billion has been raised for this purpose, with $1 billion coming from ticket sales in 2006 alone.
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