The top prize "Set for Life Millionaire Edition" is $20 million, though the whole prize isn't offered immediately, the prize comes in $800,000 installments over 25 years. Prior to Monday, the largest jackpot for a scratch-off ticket in California was $10 million.
What potential winners will get will of course be less than the $20 million grand prize. According to the California Lottery, 24% of winnings are withheld for federal taxes for U.S. citizens. With that taken into account, each yearly installment would total about $608,000. Over 25 years, that would total $15.2 million. The yearly payment would be roughly 10 times the average American's annual income, according to the U.S. Department of Housing and Urban Development.
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"Our team is always looking closely at what’s popular among players so we can offer new and exciting ways for Californians to have a little fun and also support our mission, which is to raise extra money for public schools," California Lottery Director Alva Johnson said in a press release Monday.
The new game tickets are already up for sale across the state of California. More information can be found on the California Lottery website.
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