A $1.35 Billion Mega Million Champion Selects a One-Time Cash Option in Maine

A Mega Million player won the $1.35 billion Jackpot on January 13. They presented themselves in Maine and are reducing their exposure to the public using a new limited liability company (LLC). Fred Cotreau, Hometown Gas & Grill’s owner, posed for a photograph when his gas station issued a $1.35 billion Mega Millions ticket last month.

Its January 2023 drawing was Mega Millions fourth time in history to award a $1 billion jackpot and above. Besides, it is the second largest Mega Millions jackpot after the $1.537 billion jackpot another player received in South Carolina in October 2018.

The Mega Millions Consortium runs the renowned lottery for 47 localities. They include the U.S. Virgin Islands, DC, and 45 states. It stated that the January jackpot champion went to pick it in Maine, opting for a $723,564,144 one-time pre-tax cash sum.

The federal government will charge a 37 percent tax. The state will impose a 7.15 percent levy on the player’s winnings, one of the biggest tax cuts in a lottery in the country. So, the net payout will reduce to almost $404.1 million.

The jackpot’s gold Mega Ball was 14, and the winning digits were 30-43-45-46-61. A ticket’s odds of matching the winning figures were 1 in 302,575,355, a 0.00000000000003 percent probability.

Some financial analysts claim that it resembled making a coin flip with heads landing 28 consecutive times. Also, one has slim chances of winning the jackpot.

The Winner’s Investment Vehicle

Eleven American states permit lottery champions to remain anonymous while collecting prizes. But, they exclude Maine. Most states allowing lottery said that compelling winners to reveal their identities assures the public that the games and their outcomes are transparent thus increasing its confidence.

Other states need a lottery operator to disclose a winner’s name. Yet, others like Maine let champions use investment vehicles and trusts to pick their winnings. This is what the $1.35 billion jackpot winner chose.

The Maine Bureau of Alcoholic Beverages and Lottery Operations revealed that the recent jackpot winner used LaKoma Island Investments, an LLC to pick their lump cash sum. The Hometown Gas & Grill store from Lebanon sold the winning ticket and bagged a $50,000 bonus from Mega Millions Consortium.

Which Are the Biggest Lottery Jackpots in History?

1. $2.04 billion Powerball jackpot on November 7,2022
2. $1.586 billion Powerball jackpot in January 13, 2016
3. $1.537 billion Mega Millions jackpot in October 23, 2018
4. $1.35 billion Mega Millions jackpot on January 13,2023
5. $1.337 billion Mega Millions jackpot on July 29,2022

Several lottery players have won different jackpots on January 13, hence making it a lucky date. LLC officials and owners in many states are on the public record. But, LaKoma Island Investments misses in the Maine Secretary of State’s online corporation database as a listed entity.

The state’s Bureau of Corporations website stated that it has a filing backlog as it takes up to 35 business days to process new corporations. A registered agent, often a financial advisor or lawyer, or an LLC’s clerk will be revealed to the public after the Bureau adds LaKoma to its database.

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