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.
CTVNews.ca Top Stories
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
Blind Sask. boy heading to international braille competition hopes to increase accessibility for visually impaired
A Saskatchewan boy who qualified for an international braille competition in Los Angeles next month hopes he can inspire change in his home province.
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.