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Virginia Lottery's new in-state game awards $1 million, taxes paid

Virginia LotteryVirginia Lottery: Virginia Lottery's new in-state game awards $1 million, taxes paid
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$1,000,000 Money Ball game being retired

Wouldn't it be nice if you won some money, and you received a bonus to pay the taxes on your windfall? That's the idea behind the Virginia's Lottery's newest game, Bank a Million.

The top prize in this new draw game is $1 million, but winners of that prize receive something extra.  The top prize amount is calculated so that winners actually receive $1 million after the federal and state tax-withholdings.  In other words, winners get to actually "bank" a million dollars.

In addition to the top $1 million prize there are seven other prize levels awarding payouts from $4 up to $20,000 with a $2 ticket.

The odds of winning the top prize are 1 in 3.8 million. The odds of winning any prize are 1 in 18.3.

Bank a Million has a unique "Play Your Way" feature that allows players to select their wager amount, and the top prize they want to win. All Bank a Million tickets cost two dollars, but players can opt to:

  • Pick one set of six numbers for a chance to win $1,000,000
  • Pick two sets of numbers for a chance to win $500,000
  • Pick four sets of numbers for a chance to win $250,000

To play Bank a Million, players select six numbers from 1 through 40.  The Lottery draws six balls plus one Bonus Ball.  Players can win a prize by matching various combinations of their numbers with the six numbers and Bonus Ball number drawn by the Lottery.  (See the prize chart below.)

The top prize is won when a player matches all six numbers without the help of the Bonus Ball.

Bank a Million tickets will be available at all Virginia Lottery retailers beginning August 30, with the first drawing on September 2. Drawings will be held Wednesdays and Saturdays at 11:00 p.m.  The purchase cut-off time on drawing nights is 10:45 p.m.

Bank a Million winning numbers will be published on Lottery Post's Virginia Lottery Results page shortly after each drawing.

Bank a Million is played exclusively in Virginia.

The game replaces $1,000,000 Money Ball, which ends its year-long run on August 29.  During that time, five Virginia Lottery players have won $1 million in $1,000,000 Money Ball, and an additional 29 won $100,000.

News story photo(Click to display full-size in gallery)

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21 comments. Last comment 1 year ago by realtorjim.
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mypiemaster's avatar - 2015021003pileofcash
JACKPOT HUNTER

United States
Member #141034
April 2, 2013
1408 Posts
Offline
Posted: August 24, 2015, 10:19 am - IP Logged

You might bank a million, just keep in mind that the extra fluff still counts against you as ordinary income.

Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

    jarasan's avatar - new patrick.gif
    Harbinger
    D.C./MD.
    United States
    Member #44103
    July 30, 2006
    5583 Posts
    Online
    Posted: August 24, 2015, 11:19 am - IP Logged

    Dang I might be driving over to Ole' Virginny to pick me up some of them bank numbers,  of course, not during rush hour.

      Teddi's avatar - Lottery-008.jpg

      United States
      Member #142499
      May 13, 2013
      1182 Posts
      Offline
      Posted: August 24, 2015, 1:00 pm - IP Logged

      This is a really great idea. Win a million, actually bank a million. Plus the option to play for lesser prizes, which should shut those up who complain about $x being too much money to give to one person. They can actually choose which amount they want to play for. Would be awesome if some of the MUSL games accepted this idea. Imagine winning $100 million and actually banking $100 million like in England.

      I might wake up early and go running.  I might also wake up and win the lottery.

      The odds are about the same.

        HoLeeKau's avatar - YheaShea
        Idaho
        United States
        Member #94283
        July 17, 2010
        2284 Posts
        Offline
        Posted: August 24, 2015, 1:54 pm - IP Logged

        Glad to see VA is at least advertising the full prize including the taxes they pay to clue people in that they will owe taxes on that money too. 

        Hot Lotto pays 25% of fed tax and I believe all of the state tax, but they advertise (at least in my state) that what you see is what you get because taxes are paid.  Nope, not true.  You'll end up paying the residual 15% fed tax and any state tax on the additional amount that the lottery already paid for you.

          Groppo's avatar - cat anm.gif

          United States
          Member #162631
          January 7, 2015
          502 Posts
          Offline
          Posted: August 24, 2015, 2:02 pm - IP Logged

          Glad to see VA is at least advertising the full prize including the taxes they pay to clue people in that they will owe taxes on that money too. 

          Hot Lotto pays 25% of fed tax and I believe all of the state tax, but they advertise (at least in my state) that what you see is what you get because taxes are paid.  Nope, not true.  You'll end up paying the residual 15% fed tax and any state tax on the additional amount that the lottery already paid for you.

          IF YOU WANT TO SEE WHAT'S GOING ON WITH TAXES AND LOTTO, SEE THE CRAIGSLIST HEADING:

          "Maryland Charges Way Too Much Lotto Tax".

          I think it explains it well.   It even credits this site USAMEGA as the source for what it talks about.

          I don't think it mentions this new Virginia game, though.

            savagegoose's avatar - ProfilePho
            adelaide sa
            Australia
            Member #37136
            April 11, 2006
            3300 Posts
            Offline
            Posted: August 24, 2015, 2:51 pm - IP Logged

            I approve of this lotto

            2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

            keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

              LottoLucy's avatar - hereslucy header.jpg

              United States
              Member #131594
              August 14, 2012
              171 Posts
              Offline
              Posted: August 24, 2015, 4:01 pm - IP Logged

              $1,000,000 Money Ball game being retired

              Wouldn't it be nice if you won some money, and you received a bonus to pay the taxes on your windfall? That's the idea behind the Virginia's Lottery's newest game, Bank a Million.

              The top prize in this new draw game is $1 million, but winners of that prize receive something extra.  The top prize amount is calculated so that winners actually receive $1 million after the federal and state tax-withholdings.  In other words, winners get to actually "bank" a million dollars.

              In addition to the top $1 million prize there are seven other prize levels awarding payouts from $4 up to $20,000 with a $2 ticket.

              The odds of winning the top prize are 1 in 3.8 million. The odds of winning any prize are 1 in 18.3.

              Bank a Million has a unique "Play Your Way" feature that allows players to select their wager amount, and the top prize they want to win. All Bank a Million tickets cost two dollars, but players can opt to:

              • Pick one set of six numbers for a chance to win $1,000,000
              • Pick two sets of numbers for a chance to win $500,000
              • Pick four sets of numbers for a chance to win $250,000

              To play Bank a Million, players select six numbers from 1 through 40.  The Lottery draws six balls plus one Bonus Ball.  Players can win a prize by matching various combinations of their numbers with the six numbers and Bonus Ball number drawn by the Lottery.  (See the prize chart below.)

              The top prize is won when a player matches all six numbers without the help of the Bonus Ball.

              Bank a Million tickets will be available at all Virginia Lottery retailers beginning August 30, with the first drawing on September 2. Drawings will be held Wednesdays and Saturdays at 11:00 p.m.  The purchase cut-off time on drawing nights is 10:45 p.m.

              Bank a Million winning numbers will be published on Lottery Post's Virginia Lottery Results page shortly after each drawing.

              Bank a Million is played exclusively in Virginia.

              The game replaces $1,000,000 Money Ball, which ends its year-long run on August 29.  During that time, five Virginia Lottery players have won $1 million in $1,000,000 Money Ball, and an additional 29 won $100,000.

              News story photo(Click to display full-size in gallery)

              Hmmm.  I have been " shunning" VA since they got rid of my beloved Decades of Dollars.  I don't enjoy Cash 4 Life and I hated Money Ball.  This just may entice me back over the border.

              Lotto Lucy

                LottoLucy's avatar - hereslucy header.jpg

                United States
                Member #131594
                August 14, 2012
                171 Posts
                Offline
                Posted: August 24, 2015, 4:11 pm - IP Logged

                IF YOU WANT TO SEE WHAT'S GOING ON WITH TAXES AND LOTTO, SEE THE CRAIGSLIST HEADING:

                "Maryland Charges Way Too Much Lotto Tax".

                I think it explains it well.   It even credits this site USAMEGA as the source for what it talks about.

                I don't think it mentions this new Virginia game, though.

                The post has expired on Craig's List.

                Lotto Lucy

                  Avatar
                  New Member

                  United States
                  Member #168063
                  August 15, 2015
                  13 Posts
                  Offline
                  Posted: August 24, 2015, 11:16 pm - IP Logged

                  Meh. All Lotto winnings should be tax-exempt. The governments already make enough money off them.

                  Even the People's Republic of California doesn't withhold state taxes from lottery winnings if you're a resident.

                    maximumfun's avatar - Lottery-030.jpg
                    Lavender Rocket

                    United States
                    Member #124616
                    March 16, 2012
                    2642 Posts
                    Offline
                    Posted: August 24, 2015, 11:31 pm - IP Logged

                    Couldn't PowerBall and MegaMillions also be called "tax free" if they upped the amount initially withheld and only listed the "post tax" amount as the winning jackpot?

                      maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
                      Massachusetts
                      United States
                      Member #37433
                      April 14, 2006
                      2747 Posts
                      Offline
                      Posted: August 25, 2015, 6:11 am - IP Logged

                      Meh. All Lotto winnings should be tax-exempt. The governments already make enough money off them.

                      Even the People's Republic of California doesn't withhold state taxes from lottery winnings if you're a resident.

                      I Agree! 25% federal withholding is so much taxes that it doesn't make sense to tax jackpots at state level. If California gets that why won't Massachusetts?

                      That money's gone fo ever

                        MillionsWanted's avatar - 24Qa6LT

                        Norway
                        Member #9517
                        December 10, 2004
                        1272 Posts
                        Offline
                        Posted: August 25, 2015, 7:11 am - IP Logged

                        What you win is what you get. Not bad - for lotteries in the United States.

                        Most state run lotteries in Europe are tax exempt. Neither the lotteries nor players pay taxes for the wins.

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                          New Member
                          colonial Beach, va
                          United States
                          Member #168020
                          August 12, 2015
                          26 Posts
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                          Posted: August 25, 2015, 1:50 pm - IP Logged

                          Hmmm.  I have been " shunning" VA since they got rid of my beloved Decades of Dollars.  I don't enjoy Cash 4 Life and I hated Money Ball.  This just may entice me back over the border.

                          I'm in the state and agree with you on that. Only reason I stop now is for my pick numbers.

                          It is what it is.....some times it's just luck.


                            United States
                            Member #108380
                            March 25, 2011
                            505 Posts
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                            Posted: August 25, 2015, 6:49 pm - IP Logged

                            the 2.00 price tag negates most of the value in this game. better off searching for another state lottery with a 40 or under matrix pik 6 that traditionally charges 1.00 a line and has a jackpot higher than the paltry million. not sneezing at a million mind you but if you shop you can do better.