Texans are eagerly anticipating Saturday’s upcoming Lotto Texas drawing, as no winner was announced during Wednesday’s drawing, raising the stakes to an estimated $57.75 million. This jackpot is the largest advertised prize offered by the Texas Lottery in more than 12 years. Lotto Texas is a popular state lottery game, and the stakes are heightened as there has not been a winner of the jackpot since May 2010.
Saturday’s prize is estimated to have a cash value of $35.09 million, and in the event of a win by one person taking the cash option, they will be required to pay a federal tax of 24% which amounts to $8,421,600. They will, however, take home around $26,668,400. Texas is one of the few states where lottery winners are not required to pay state tax from their winnings.
Gary Grief, Executive Director of the Texas Lottery, expressed confidence that the jackpot prize will soon find an owner, as people hope to become the largest Lotto Texas jackpot winner since May 2010, and the first in the year 2022. Grief informed the public that many players are winning lower-tier Lotto Texas prizes during the recent jackpot runs, urging players to check their tickets after every drawing to see if they have won a cash prize.
If there is no jackpot winner for the upcoming drawing, then the jackpot prize is expected to reach an approximately $58 million by Monday, March 27th. This is the third-largest annuitized jackpot in North America, and it is only behind multi-state jackpots Mega Millions and Powerball, which are currently $302 million and $112 million respectively.
Saturday’s upcoming drawing marks the 81st in the current Lotto Texas jackpot run, which began on September 19th with a starting estimated annuitized prize of $5 million. The prize amount has since continued to escalate with Texas’ proud history, which includes a whopping nine different jackpot winners in the $50 million range.
The last time the Lotto Texas jackpot was in the range of estimates was Jan 26, 2005, when a Garland resident claimed the advertised $57 million prize. With the lotto jackpot being the talk of the town, no one wants to be left behind in what could be a once-in-a-lifetime opportunity for many.