Lotto Texas Jackpot Continues to Rise: Estimated at $61.5 Million for Monday Night Drawing
In the most recent Lotto Texas jackpot drawing, which took place last Saturday, April 1st, no one was lucky enough to get the winning combination of six numbers. Consequently, the largest advertised jackpot in the Texas State Lottery in more than 12 years is now even higher, estimated at $61.5 Million for Monday night’s forthcoming drawing.
Though the odds of winning the grand prize, which requires correctly guessing all six numbers and submitting a valid ticket, are low – at 1 in 25,827,165 – if someone is able to win on Monday night and opts to receive the cash value option, they’ll still enjoy a purse of approximately $28,598,800 after paying $9,031,200 in federal taxes, which represent 24% of their total winnings. Worth noting, however, is that Texas lottery winners don’t pay state taxes on their lottery earnings.
The executive director of the Texas Lottery, Gary Grief, made a statement last week emphasizing that Lotto Texas sales are steady and “will generate important revenue for public education in Texas.” With the jackpot still growing, it’s expected that even more tickets will be sold by Monday night.
Texas Lottery officials advise that in the event of a winning ticket, a person should sign the ticket and store it in a safe place. It’s also important to seek financial and legal advice and to subsequently contact the Texas Lottery to schedule an appointment to claim the prize.
Although the current jackpot prize has yet to be won, several players have been coming away with lower-tier Lotto Texas prizes during the recent jackpot run. Grief encouraged players to thoroughly check their lottery tickets to determine if they’ve also won smaller cash prizes.
The forthcoming Lotto Texas drawing is the 85th of its kind during the current jackpot run which began on September 19th of last year with an estimated annuitized $5 million. If there is no jackpot winner for Monday night’s drawing, then the prize will roll over to Wednesday, April 5th, and climb above $62 million.
While Lotto Texas should be celebrated for its exciting and substantial jackpots, it’s worth noting that the latest estimated annuitized jackpot of $61.5 million is, in fact, only the third-largest in North America. Multi-state jackpots such as Mega Millions ($355 million) and Powerball ($147 million) still hold the top positions.
Nonetheless, Lotto Texas has a major draw in this state alone, boasting nine different winning jackpot drawings in the $50 million range throughout its 30-year history. The largest jackpot to be won was in May of 2010 when one lucky person claimed their prize of $97 Million. Lotto Texas remains a favorite pastime for many Texans and will undoubtedly continue to enthrall players with its exciting prize packages.