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Due to Michigan Lottery rules, a Powerball ticket worth $1 million purchased by a Michigan lottery player last year has lost its value, causing the player to miss out on becoming a millionaire. This unfortunate situation renders the ticket worthless as of Thursday afternoon.
The winning ticket was sold at the Marathon gas station in Ionia. As per lottery regulations, the prize must be claimed by the ticket holder within a year.
Despite the mishap, the story ultimately concludes on a positive note as the Michigan School Aid fund received an unexpected windfall of $1 million last week.
Billions of lottery prizes left unclaimed
Understanding an unclaimed $5 lottery ticket is difficult, let alone comprehending a $1 million one.
Surprisingly, yet again, a prize worth six figures remained unclaimed this year. In July, a player was unable to redeem a Fast Cash Jackpot Slots ticket worth an impressive $519,456. Similarly, in August, a woman came dangerously close to discarding a winning Powerball ticket worth $50,000.
Lottery prizes worth billions of dollars go unclaimed throughout the US, as revealed by lottery expert Brett Jacobson. Jacobson meticulously gathers data from all state lotteries, and for the period ending June 2017, players neglected to claim prizes worth almost $3 billion.
A total of 167 prizes worth a minimum of $1 million were unclaimed by players who failed to step forward within the specified time period. Surprisingly, numerous secondary prizes still await their rightful owners as most players tend to solely focus on checking their numbers against the jackpot.
Jacobson informed CNN Money that individuals are not aware of the existence of secondary prizes.
Since 1998, the biggest unclaimed lottery prize in Michigan has been associated with a Michigan Lotto game ticket that was bought in East Lansing and amounted to $34 million. However, this significant sum was ultimately forgotten by the ticket holder.
As per the Michigan Lottery website, there are three significant winning tickets that will soon reach their expiration date.
- The $50,000 Powerball ticket, purchased at Cordial Party Shoppe in Taylor, will expire on November 15, 2018, at 4:45 p.m.
- The Fantasy 5 ticket purchased from A&G Market in Flint, worth $209,815, will expire on December 4, 2018, precisely at 4:45 p.m.
- The $50,000 Powerball ticket purchased at Saginaw Fuel South in Grand Blanc will expire on December 10, 2018, at 4:45 p.m.
Michigan School Aid Fund
All unclaimed lottery prize money, along with $0.28 of every dollar, contributes to the Michigan School Aid Fund in Michigan.
Public education has received more than $21 billion in support from the Michigan Lottery since 1972.
The purpose of the Michigan State School Aid Fund is to provide financial support exclusively for public schools, school districts, higher education institutions, and retirement programs for school employees.
Although it is commendable to donate $1 million to the Michigan School Aid fund, it is important for individuals to do so willingly.
Make sure to firmly hold onto your lottery tickets and double-check the numbers. This simple advice has the potential to be worth a fortune.
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