Time is running out for giant $1.34 billion Mega Millions winner to claim prize
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The Illinois winner of July’s Mega Millions $1.34 billion lottery jackpot has less than 7 days to decide whether they would like to be paid annually, or take a cash payment.
The September 27 deadline is rapidly approaching for the winner’s decision. After that deadline passes, the choice will be made for them.
According to the Illinois Lottery’s Winner’s Handbook, if a decision is not made at that time, the winner will automatically be paid annually.
In Illinois, where the winning ticket was sold, Mega Millions winners get a year to claim their windfall if they want to receive it as an annuity spread over three decades, reported CNBC.
But they only get 60 days if they would rather take the prize as an upfront, reduced lump sum, according to the Illinois Lottery.
This means if the winner doesn’t claim the jackpot by Sept. 27 — 60 days after the July 29 drawing — the prize will default to the annuity option.
The $1.34 billion jackpot, which marked the second-largest prize in the game’s history, was won by a ticket purchased in Des Plaines, Illinois.
As of today, the jackpot remained unclaimed. Illinois Lottery spokesperson Meghan Powers said: “For a prize of this magnitude, it’s not unusual for a winner to take a little bit longer to claim the prize as they may want to seek professional legal and financial advice prior to claiming.”
The winner would be paid annually over 29 years. If they opt for a one-time cash payout in the allotted time remaining, they would receive $780.5 million.
