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Alongside the main Lotto 6/49 drawing, the regional corporations also run local versions of the game; Atlantic 49, Quebec 49, Ontario 49, Western 6/49, and BC 49. These draws are held on the same night as each Lotto 6/49 drawing, but with fixed jackpots of $2,000,000 (or $1,000,000 on Atlantic 49).
In a typical 6/49 game, each player chooses six distinct numbers from a range of 1–49. If the six numbers on a ticket match the numbers drawn by the lottery, the ticket holder is a jackpot winner—regardless of the order of the numbers.
The British Columbia Lottery Corporation (BCLC) was incorporated under the provincial Company Act, subsequently replaced by the Business Corporations Act.. While incorporated under the same law as other BC corporate entities, it is without share capital and has only one shareholder: the province itself.
For example, the prize can be a fixed amount of cash or goods. In this format, there is risk to the organizer if insufficient tickets are sold. More commonly, the prize fund will be a fixed percentage of the receipts. A popular form of this is the "50–50" draw, where the organizers promise that the prize will be 50% of the revenue.
A lump sum option is available on the top two prizes, and is the only option if there are multiple winners. The annuity will last for the remainder of the winner's life, with a guaranteed period of 20 years (a beneficiary is chosen to receive the remainder of the 20-year minimum balance if the winner dies before the 20 years passes).
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The $55 million prize was won by a group of 20 employees of a Rona store in Quebec. At the time, it was the second-largest lottery jackpot in Canadian history, behind a $63.4 million Lotto 6/49 drawing in 2013. [12] [13] The first ever Lotto Max drawing for $60 million occurred on September 25, 2015, with a single winning ticket sold in Brampton.
The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000. However, the net for a major prize often is misleading; winners often owe the IRS upon filing a return because the Federal withholding was below the winner's tax obligations. Nonresident U.S. lottery winners have 30% of winnings ...