A North Carolina man has won a massive prize from the lottery, securing a $1,000,000 payout from a $10 scratch-off ticket. To get the prize, he played the Triple Red 777 game, with 7 being his lucky number.
Understandably, the man is picking the lump sum one-off payment of $600,000 instead of the $50,000 annuity payable over 20 years.
The reason for this is often attributed to the fact that the $600,000 paid out immediately could be reinvested, with the return rate on those investments possibly bringing the total over the initial prize value. After all applicable taxes are applied, the lump sum payment is reduced to $396,060, however.
The argument against picking the annuity option is that it is paid by a third-party company, which, in the event it goes bankrupt, could take down the remainder of the prize with it.
Tomas Munoz, the winner, was born on the 7th in 1977, and he has long credited the number with holding an extra meaning to him. As the winner puts it, "I was born on the 7th in 77’," a nod to his belief that the number is truly important to him and his good fortune.
The man purchased his ticket at a market in Candor and scratched off the film immediately to reveal the seven-figure prize waiting for him underneath. Munoz indeed had a good spot of luck, as the odds of winning are rather long 1 in 1,465,160.
Munoz is not the only person to have won it big from the North Carolina Education Lottery, with another player from Mocksville defying odds of 1 in 16 million to secure a $2.6m payout from the lottery’s Monopoly game.
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