American winning $1 billion lottery chooses $450 million single payment

An Illinois man who won more than $1 billion in the Powerball lottery has opted for a lump-sum payment of $450.5 million instead of receiving the full prize in instalments over 29 years.

The winner, who has chosen to remain anonymous, won a $1.04 billion Powerball jackpot, the eighth-largest in the lottery’s history, Caliber.Az reports, citing the New York Times.

After federal taxes, the amount will fall to $283.8 million, while a further $22.3 million will be withheld by the state of Illinois.

The win was a record for the state. The retailer that sold the winning ticket will receive a $500,000 bonus.

By Bakhtiyar Abbasov