Some advice on what to do if you win the $70M Lotto Max prize
Ontario Lottery & Gaming is again seeing record lottery ticket sales, with an estimated $140 million in prizes up for grabs in tonight’s Lotto Max draw, including a $70 million top prize.
Tony Bitonti, OLG’S director of communications, said Ontario has seen its share of $70 million winners.
“There have been six $70 million winners across Canada -- four of them here in Ontario,” Bitonti said. “And I’ve had the pleasure of meeting all four of them and presenting them with that astronomical cheque.”
Bitonti said reactions to winning such a big prize are probably what you would expect.
“When I first meet them, they are giddy, they are in shock, and then within a few moments when I present them with the cheque, even though it’s a novelty cheque, they know that that money is imminent, it’s going into their bank account within minutes,” he said.
According to the OLG, the odds of winning the $70 million payout with a single play is 1 in 33.2 million. A Noellville, Ont., couple won $70 million in February.
lf you defy the odds and find yourself with one a winning ticket, Pattie Lovett-Reid, chief financial commentator for CTV News, has some advice. Lovett-Reid's first tip is to resist telling anyone, at least not right away.
“Family, friends, charities, they all come knocking, and you may be unprepared in terms of how to respond,” she said. “That doesn’t mean that you don’t respond and you don’t give, because I think you do. I also think you get to spend, but you need to know what to save. So you have to have a plan.”
Lovett-Reid said a big lottery win, or any sudden windfall, should be followed up with a call to a lawyer, accountant or financial adviser. She also suggest three simple rules: spend some, give some, save some.