A resident of Youngsville, North Carolina, recently secured a major second-chance prize. The lucky man participated in the $10 Million Spectacular second-chance drawing earlier this month, securing the top prize of $1 million.
The North Carolina Education Lottery revealed that the name of the lucky winner is Chris Franks. The Youngsville resident turned out as the winner of the second-chance drawing on July 3 that had more than 1.9 million entries.
Lottery players in North Carolina can register their non-winning $10 Million Spectacular tickets for second-chance prizes. Players who want to engage in that option must scan their tickets which allows them to enter the drawing.
The latest $1 million win marks the second top prize for the $10 Million Spectacular second-chance drawing. The latest drawing was the second out of a total of four. The next drawing for the popular lottery game will take place on March 5, as confirmed by the Lottery.
The Winner Selected Annuity Payments Rather than a Lump Cash Sum
Recently, Franks visited the North Carolina Education Lottery to claim his prize. As it is usual with lottery prizes, the winner was presented with two options: collect the whole sum through an annuity option or receive a lump cash sum of approximately 60% of the amount.
Considering the $1 million win, Franks had the option to receive a one-time $600,000 lump cash sum before taxes. Instead of taking home the cash, the lucky Youngsville resident selected the annuity option.
The annuity option translates to annual payments of $50,000 per year for the next 20 years. Considering the applicable state and federal taxes, Franks recently saw his bank account increase by nearly $36,000 which was the first payment he received for scoring the top prize from the popular game.
The latest win comes after recently, two lucky players secured hefty lottery prizes in North Carolina. Earlier this month, one player from Greensboro hit the jackpot by winning $250,000 from the Lottery’s Cash 5 DoublePlay ticket.
Another lucky winner scored a sweet $100,000 win from Supreme 7s, the Lottery’s newest scratch-off game. The lucky woman from Johnston County won the first $100,000 prize from the new $30 scratch-off game. After taxes, she was left with nearly $72,000.