$25,000 a year for life or $500,000 right now? Here's what this lottery winner chose
Life changed for a Canadian public service worker when he found out he had won the second prize in OLG’s Daily Grand lottery game.
After all, it was not an ordinary price. Not only was it huge, but it also came with some special options.
Lottery prizes following a cash-for-life model often allow the winner to pick between a lump sum and a time-period-based payout method.
Benjamin Moyse matched five main numbers on January 18, winning $25,000 a year for life. He’s an occasional player who tracks the best odds and keeps his eye on the prize.
The Nepean resident visited the OLG Prize Centre in Toronto to tell his story and pick up his comically large cheque.
“I was looking at my email one morning when I noticed I had one from OLG about my ticket. I didn’t want to get my hopes up, but it looked different from my other emails. I logged into my account and saw I won,” he shared.
He told his family about the prize, and they were absolutely elated.
“They kept asking if I’m sure. It’s crazy. I feel so thankful my dreams of winning finally came true,” Moyse said, laughing.
Instead of getting paid in yearly instalments, which may or may have amounted to more money in the long run, Moyse decided to go with a lump sum of $500,000.
His plans to buy real estate might explain this decision — sweet, sweet downpayment money!
Outside of that, the winner wants to enjoy the win with his family.
“There are no words to describe how amazing this is,” he concluded.
A recent lottery player opted for a lump sum instead of the weekly $1,000 she had won.
Suzette Lamothe, 62, took home $675,000, which equals around 13 years of weekly payouts.
What would you choose? đź‘€
All forms of gambling, including the lottery, involve risk and outcomes are based on chance. Individuals are strongly advised to gamble responsibly. If you are experiencing any signs of gambling-related issues, you can find resources here.
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