Billion Dollar Extravaganza, a scratch-off game that costs $50 per ticket, has awarded its first $25 million top prize in Massachusetts.
The winner of the $25 million top prize from the Massachusetts Lottery was the Simmons & Schiavo Lottery Trust 2023-28 of Woburn, according to a press release from the MA Lottery.
The $50 scratch-off game has two more prizes worth $25 million. In addition, five $2 million prizes and eight $1 million prizes are still out there left to claim.
One-time payment of $16 million
Winners from a scratch-off lottery game in Massachusetts have an option to choose a one-time payout minus state income taxes, or an annual payment spread out over many years.
The winner claimed the prize and selected a one-time payout of $16.25 million.
According to Boston 25 News TV, Marco Schiavo, who represents the trust, said the trust would use the winnings to invest in property.
Since it debuted in February, Billion Dollar Extravaganza has handed out close to half a billion dollars in winnings. More specifically, it has awarded $485 million and counting, according to the Massachusetts State Lottery.
Many ways to win
High-cost premium scratch-offs are a popular way to offer large prize pools to players via the lottery. According to the Massachusetts State Lottery, the Billion Dollar Extravaganza claims to have a 82% payout. The smallest prize is $100 for matching one number.
Tickets also have boosts of 5x, 10x, 20x, 50x, 100x, and 500x. Odds of winning some prize at all are 1 in 4.1, or a little less than 25%.
The game also has a second-chance drawing which allows non-winners to get as much as $50,000 in a drawing each week.
Massachusetts also offers $1 scratch-offs with many ways to win.
Massachusetts Lottery history
The Massachusetts State Lottery began more than 50 years ago in 1971.
The lottery was instituted to earn tax revenue for Massachusetts communities, cities, towns and villages.
As of 2022, the Massachusetts Lottery has earned $31 billion for the Commonwealth. In 2022, the lottery gathered $1.1 billion in tax revenue.
