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
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.