Lotto is operated by the Florida Lottery Commission, with the point of the lottery being to help fund state education. Some interesting facts regarding the Florida Lotto:
Lotto started 29 April 1988
An estimated minimum Florida Lotto jackpot of $3 Million
Florida Lotto has 2 draws, Wendnesday and Saturday, with a live broadcast at 11pm EST
Match all 6 numbers from a pool of 1 - 53 to win Florida Lotto
Overall odds of winning a prize at just under 1 in 68
Where you'll find florida lotto information such as:
FLORIDA LOTTO pays multi-million dollar jackpot prizes. The advertised jackpot is an estimate of the amount the Lottery will pay a single jackpot ticket in 30 annual payments. This is based on projected sales for that draw period, plus funds rolled over from previous drawings, if any, and the anticipated interest rate for long-term investments.
You can choose to receive your portion of the FLORIDA LOTTO jackpot in a one-time Cash Option payment, or you can receive it in 30 annual payments. You have 60 days after the winning draw date to elect the Cash Option payment. The Cash Option payment is each jackpot ticket winner's portion of the prize pool that is available immediately for investment (approximately half of the advertised jackpot amount.) Appropriate federal income taxes will be withheld from both Cash Option and Annual Payments at the time payments are made.
Federal Withholding Taxes
If a Florida Lottery prizewinner is a citizen or resident alien of the U.S. with a Social Security number, the Internal Revenue Service requires the Florida Lottery to withhold 25 percent federal withholding tax from prizes greater than $5,000. If the prizewinner is a U.S. citizen or resident alien who does not have a Social Security number, The Florida Lottery is required to withhold 28 percent backup federal withholding tax from any prize more than $600. For nonresident aliens, the Florida Lottery is required to withhold 30 percent federal withholding tax from all prize amounts. The Internal Revenue Service requires the Florida Lottery to report all winnings $600 and above for U.S. citizens and resident aliens.
