Man Wins $5 Million Jackpot on New York Scratch-off Game, but Takes Home Just $3.2 Million

A lottery winner from Kansas City wins $5 million on the New York Lottery's Cash X100 scratch-off game.

$5 million 

Instead of the full amount, he chooses a single payout of $3,255,000, receiving less due to a lower cash option.


Opting for yearly payments typically results in higher overall winnings after taxes and fees

The decision to take a lump sum or annuity payment is crucial for lottery winners

An annuity offers a guaranteed income stream for 30 years, providing peace of mind.

Most winners prefer the lump sum cash option, subject to federal, state, and local income taxes.


Taking the lump sum option can be a potential mistake, according to a Chicago-based lawyer

Spreading out payments allows winners to assemble a skilled team to manage their finances effectively.

The odds of winning the $5 million jackpot are 1 in 4,498,390, while the chances of winning back $20 are 1 in 10.

New York Lottery contributes billions of dollars to educational programs through profitable scratch-off games

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