A Massachusetts lottery winner scored a massive $10 million prize—only to see more than $3 million disappear after taxes and payout deductions.
The prize came from the $10,000,000 Bonanza scratch-off game, launched on August 6. The lucky ticket was bought at Coletti’s Market in Raynham, which will receive a $10,000 bonus for selling the winning ticket.
To protect their identity, the winner set up the WSB Family Trust of Wellesley and had trustee James Goodhue claim the prize on their behalf. Goodhue accepted the winnings in a lump sum payment, a choice that significantly reduced the total.
Instead of receiving the full $10 million as an annuity over several years, the winner took a one-time payment of $6.5 million. After taxes, that amount dropped even further.
Despite the reduced payout, the winner has clear plans for the money. They intend to build a new home and invest the remaining funds, according to Goodhue.
Lottery experts note that most winners—about 90%—choose the lump sum option. However, legal and financial advisors often warn that taking the full amount upfront can be a costly mistake due to heavy tax penalties.
Goodhue is now responsible for depositing the funds into the trust account set up by the winner.
This $10 million prize is the first jackpot claimed from the Bonanza game, but two more remain, along with five $1 million prizes still up for grabs.
Massachusetts has seen more than one big win in recent weeks. Kevin Connor of Leicester won $2.6 million in the Mega Millions drawing on August 24. Connor, who has played the lottery for over 30 years, credited his wife for the numbers he used to win.
He used a mix of his wife’s old landline number and her favorite number to beat 1-in-7-million odds. Connor told CBS News he plans to spend modestly, joking that new socks are at the top of his list.
Meanwhile, in Pennsylvania, lottery officials are urging Powerball players to check their tickets. Three prizes, each worth $1.25 million, remain unclaimed.
