Frisco Resident Strikes Gold: $5 Million Texas Lottery Winner!
A resident of Frisco, Texas, is celebrating a massive win after claiming the first of four top prizes in the Texas Lottery’s Golden Riches scratch ticket game. The lucky ticket, worth a staggering $5 million, was purchased for $50 at a Tom Thumb store located at 4848 Preston Road in Frisco on February 18th.
Details of the Winning Ticket
The winner has chosen to remain anonymous, a common practice for large lottery prizes. The Golden Riches game offers substantial payouts, and this $5 million prize is just one of several available. The Texas Lottery is legally obligated to withhold 24% for federal taxes on prizes exceeding $5,000. This means a $5 million win will be subject to significant tax implications.
What Happens to Lottery Winnings?
While Texas itself doesn’t tax lottery winnings, the federal government does. After the initial 24% federal withholding, a winner could potentially owe an additional 13% to the federal government, bringing the total federal tax burden to 37%. In this case, the winner would likely receive approximately $3.15 million after taxes. It’s always advisable for lottery winners to consult with a financial advisor and tax professional to understand their specific tax obligations.
Retailer Bonus and Game Odds
Tom Thumb isn’t left out of the celebration either! The store is eligible for a $10,000 bonus through the Texas Lottery’s Retailer Bonus Program for selling the winning ticket. The Golden Riches game contains approximately 4,651,020 tickets, and the overall odds of winning any prize are 1 in 3.76, according to the Texas Lottery. There are still three $5 million prizes remaining, along with numerous other cash prizes ranging from $50 to $10,000.
Recent Lottery Wins in Frisco
This isn’t the first recent big win in Frisco. In August, another Frisco resident claimed a $5 million prize in the $5 Million Royale scratch-off game. That winning ticket was purchased at a RaceTrac gas station on Eldorado Parkway, approximately 7 miles from the Tom Thumb where the Golden Riches ticket was sold.
Where to Learn More
For more information about the Texas Lottery, including game rules, prize structures, and responsible gaming resources, visit the official Texas Lottery website. You can also find updates and news coverage on NBC DFW.
