In Wednesday’s Lotto Texas drawing, luck was not on the side of any ticket holder, leaving the grand prize to swell to an astounding $57.75 million. This figure marks the largest advertised jackpot in the state lottery in more than a dozen years, enticing an ever-growing pool of hopeful participants ahead of the next draw on Saturday.
With an estimated cash value of $35.09 million, the upcoming draw holds promise for an individual who may take home a life-changing sum of money. Those who opt for the cash value option, however, will pay around $8,421,600 in federal taxes (24%) and receive approximately $26,668,400. Notably, lottery winnings in Texas are exempt from state taxes.
Gary Grief, executive director of the Texas Lottery, highlighted the thrill of winning this ever-growing jackpot prize, stating, “We look forward to at least one person winning this jackpot, so that we can celebrate the largest Lotto Texas jackpot winner since May of 2010 and the first of this year.”
While the grand prize remains elusive, Grief acknowledged that numerous players have been winning lower-tier Lotto Texas prizes during the recent jackpot run. In light of this, he encouraged all participants to check their tickets after every draw to see if they have won any cash prizes.
If the jackpot remains unclaimed in Saturday’s Lotto Texas drawing, it will carry over to the next draw on March 27, where it is expected to reach $58 million.
As the third-largest annuitized jackpot in North America, Lotto Texas has historically enticed players across the state. Although it falls behind multi-state jackpots Mega Millions and Powerball, whose jackpots are $302 million and $112 million, respectively, Lotto Texas has had nine different winning jackpot drawings in the $50 million range throughout the game’s 30-year history.
With the anticipation and excitement growing, it remains to be seen who will walk away with the biggest Lotto Texas jackpot prize in over a decade.