Florida Lottery - Other Florida Lottery Information

Other Florida Lottery Information

Though the Florida Lottery’s expenses and payouts vary from year to year, approximately 50 to 60 percent of its net revenue makes up the games’ prize pools, 30 to 40 percent is transferred to the Educational Enhancement Trust Fund, 6 percent is paid to retailers in the form of commissions, 2 percent is paid to the Lottery’s on-line and Scratch-Off ticket vendors, and the remaining 2 percent covers operational costs, including advertising.

All Cash 3, Play 4, and Fantasy 5 winners receive their winnings as a one-time, lump-sum payment. Any winnings of less than $600 may be redeemed at an authorized Florida Lottery retailer; higher winnings must be redeemed at a Lottery district office or at Lottery headquarters in Tallahassee. All non-Powerball prizes greater than $250,000, or Powerball prizes more than $1 million, must be redeemed at Florida Lottery headquarters. Mega Money jackpot winners may choose between an annuity of 20 payments that equals the advertised jackpot, or a lump-sum payment, which is about 2/3 of the advertised jackpot, less federal income tax withholding. Florida Lotto jackpot winners may choose between an annuity of 30 payments, or a lump-sum payment, which is about 1/2 of the advertised jackpot less federal income taxes. For both Mega Money and Florida Lotto, the cash option, if desired, must be exercised within 60 days of the applicable drawing. Florida does not collect income tax; however, like all U.S. lottery prizes, they are taxable by the federal government.

Winners of Florida Lottery on-line games (Florida Lotto, Mega Money, Fantasy 5, Play 4, and Cash 3) must claim their prize within 180 days of the applicable drawing. Eighty percent of unclaimed jackpot money is transferred to the Educational Enhancement Trust Fund, while 20 percent of the jackpot is transferred to a prize pool for funding future prizes.