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If a ticket matches all six numbers, a fixed prize of CA$5 million is won. A bonus number is also drawn, and if a player's ticket matches five numbers and the bonus number, the player wins the "second prize" which is usually between $100,000 and $500,000. Should more than one player win the top or second prize, it is split amongst them.
The British Columbia Lottery Corporation is a Canadian Crown corporation that manages all legal gambling (AKA gaming) products in British Columbia including lottery tickets, casinos and online gambling. It is based in Kamloops, with a secondary office in Vancouver. It consists of three business units: Lottery, Casino and eGaming.
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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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.
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 ...
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.
Tickets for Super 7 were sold in each of the five lottery jurisdictions: British Columbia Lottery Corporation, Western Canada Lottery Corporation, Ontario Lottery and Gaming Corporation, Loto-Québec and the Atlantic Lottery Corporation. Tickets were purchased until the cutoff time of 9:00 p.m. ET on Friday nights.