$1,000,000 Money Ball game being retired
Wouldn't it be nice if you won some money, and you received a bonus to pay the taxes on your windfall? That's the idea behind the Virginia's Lottery's newest game, Bank a Million.
The top prize in this new draw game is $1 million, but winners of that prize receive something extra. The top prize amount is calculated so that winners actually receive $1 million after the federal and state tax-withholdings. In other words, winners get to actually "bank" a million dollars.
In addition to the top $1 million prize there are seven other prize levels awarding payouts from $4 up to $20,000 with a $2 ticket.
The odds of winning the top prize are 1 in 3.8 million. The odds of winning any prize are 1 in 18.3.
Bank a Million has a unique "Play Your Way" feature that allows players to select their wager amount, and the top prize they want to win. All Bank a Million tickets cost two dollars, but players can opt to:
- Pick one set of six numbers for a chance to win $1,000,000
- Pick two sets of numbers for a chance to win $500,000
- Pick four sets of numbers for a chance to win $250,000
To play Bank a Million, players select six numbers from 1 through 40. The Lottery draws six balls plus one Bonus Ball. Players can win a prize by matching various combinations of their numbers with the six numbers and Bonus Ball number drawn by the Lottery. (See the prize chart below.)
The top prize is won when a player matches all six numbers without the help of the Bonus Ball.
Bank a Million tickets will be available at all Virginia Lottery retailers beginning August 30, with the first drawing on September 2. Drawings will be held Wednesdays and Saturdays at 11:00 p.m. The purchase cut-off time on drawing nights is 10:45 p.m.
Bank a Million winning numbers will be published on Lottery Post's Virginia Lottery Results page shortly after each drawing.
Bank a Million is played exclusively in Virginia.
The game replaces $1,000,000 Money Ball, which ends its year-long run on August 29. During that time, five Virginia Lottery players have won $1 million in $1,000,000 Money Ball, and an additional 29 won $100,000.
(Click to display full-size in gallery)
You might bank a million, just keep in mind that the extra fluff still counts against you as ordinary income.
Dang I might be driving over to Ole' Virginny to pick me up some of them bank numbers, of course, not during rush hour.
This is a really great idea. Win a million, actually bank a million. Plus the option to play for lesser prizes, which should shut those up who complain about $x being too much money to give to one person. They can actually choose which amount they want to play for. Would be awesome if some of the MUSL games accepted this idea. Imagine winning $100 million and actually banking $100 million like in England.
Glad to see VA is at least advertising the full prize including the taxes they pay to clue people in that they will owe taxes on that money too.
Hot Lotto pays 25% of fed tax and I believe all of the state tax, but they advertise (at least in my state) that what you see is what you get because taxes are paid. Nope, not true. You'll end up paying the residual 15% fed tax and any state tax on the additional amount that the lottery already paid for you.
IF YOU WANT TO SEE WHAT'S GOING ON WITH TAXES AND LOTTO, SEE THE CRAIGSLIST HEADING:
"Maryland Charges Way Too Much Lotto Tax".
I think it explains it well. It even credits this site USAMEGA as the source for what it talks about.
I don't think it mentions this new Virginia game, though.
I approve of this lotto
Hmmm. I have been " shunning" VA since they got rid of my beloved Decades of Dollars. I don't enjoy Cash 4 Life and I hated Money Ball. This just may entice me back over the border.
The post has expired on Craig's List.
Meh. All Lotto winnings should be tax-exempt. The governments already make enough money off them.
Even the People's Republic of California doesn't withhold state taxes from lottery winnings if you're a resident.
Couldn't PowerBall and MegaMillions also be called "tax free" if they upped the amount initially withheld and only listed the "post tax" amount as the winning jackpot?
What you win is what you get. Not bad - for lotteries in the United States.
Most state run lotteries in Europe are tax exempt. Neither the lotteries nor players pay taxes for the wins.
I'm in the state and agree with you on that. Only reason I stop now is for my pick numbers.
the 2.00 price tag negates most of the value in this game. better off searching for another state lottery with a 40 or under matrix pik 6 that traditionally charges 1.00 a line and has a jackpot higher than the paltry million. not sneezing at a million mind you but if you shop you can do better.