British Columbia Lottery Corporation

British Columbia Lottery Corporation

August 01, 2008 12:46 ET

British Columbia Lottery Corporation: Waiting to Collect $36 Million Lotto 6/49 Prize Would Prove Costly

RICHMOND, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - This Saturday's Lotto 6/49 jackpot is an estimated $36 million. This begs the question: could anyone wait a year to claim such an enormous sum of money?

Earlier this week, Lotto 6/49 jackpot winner Peter Dushop mystified many British Columbians by waiting 49 weeks to collect his $3.6 million prize. The 24-year-old Maple Ridge realtor matched six out of six numbers to win the August 15, 2007 draw, but kept his lucky Quick Pick ticket in a safety deposit box before finally deciding to claim his prize three weeks before it would have expired.

Subsequent news polls reveal British Columbians are split on this issue. While some say Dushop's decision to use the time to "think about what to do with the money" is a wise one, others say forfeiting approximately $100,000 in interest is ill-advised.

So, what would it mean to forgo the interest on a jackpot prize ten times that of Dushop's?

Using the same three percent interest rate, it would cost roughly $1 million!

Here's some figures to put that in perspective:

$83,333/month - the mortgage payment on your new mansion

$19,230/week - country club membership

$2,740/day - a new hot tub for the guest house

$114/hour - a day at the spa

$2/minute - a long-distance call to your granny to share the good news

Our advice? Once you've done your 6/49 "happy dance", give us a call!

Lotto 6/49 is the nationwide lottery game drawn on Wednesdays and Saturdays after 6 p.m. (PST). Players can purchase tickets at any lottery retailer or at bclc's PlayNow.com.

BCLC is a provincial Crown Corporation reporting to the Minister of Housing and Social Development through a Board of Directors. Its mission is to offer socially responsible gaming entertainment, generating income for government programs, including health care, education, amateur sports and community and charitable programs, throughout British Columbia. In fiscal 2007/08 more than 6,850 community and charitable organizations received community gaming grants as a result of BCLC net income. BCLC is an Official Supporter of the Vancouver 2010 Olympic and Paralympic Winter Games.

Contact Information