Michigan Lottery – Super Raffle Sold Out
By Tim Somers on Mar 28, 2008 in General
It took a bit longer than expected, but the Michigan Lottery has sold 250,000 tickets for their latest Super Raffle. I featured a post called Michigan Lottery Super Raffle Has Best Odds back in February when the state launched this Raffle.
When I checked yesterday no more of the pricey $50 tickets were available. 4,527 winning tickets will be drawn on Monday, March 31, 2008. You can check the Michigan Lottery’s Website late in the day to get the winning numbers.
Here is an outline of the payout -
Two (2) prizes of $2 Million Dollars with odds of 1 in 125,000
Twenty Five (25) prizes of $100,000 with odds of 1 in 10,000
4,500 prizes of $500 each with odds of 1 in 56
The $2,000,000 prize winners will receive their prize payments over a 20-year period unless, within 60 days from the date they claim their prize, they request the Cash Option method of payment which is $1,300,000.00 – it doesn’t say on the Michigan Lottery website if the $1.3 million is before or after taxes – after taxes based on a 28% IRS cut would net you approximately $936,000 – either was a nice chunk of change.
So the state hauled in $12.5 Million in just under two months – the total payout is $8,750,000.00 putting $3,750,000.00 for the Michigan Schools Fund.
Good Luck to all that purchased a Super Raffle Ticket.
Tim Somers
MichiganBusinessHub.com
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