What is New York Lotto?
The state of New York has been using lotteries to fund important state projects since the 19th century. In fact, many of the stateâ€™s canals, churches, ferries, roads and even the New York City Hall were built or repaired, from lottery funds.
On November 8, 1966, New York voters approved a constitutional amendment establishing an official state lottery; the measure passed overwhelmingly with 60% of the vote.
The proceeds of the lottery were earmarked to be “applied exclusively to, or in aid or support of, education”.
Pursuant to this referendum, the legislature, in 1967, created a Division of the Lottery and a Lottery Commission within the Department of Taxation and Finance. Later, the lottery became a separate entity, and under the New York State Lottery for Education Law, its Director was given full autonomy over the administration of the lottery.
New York Lotto draw days take place twice weekly on Wednesday and Saturday 23:21 EST.
Jackpots for New York Lotto start at $3 million and adds $300,000 each rollover.
$65 million (Jan 2007)
Choose 6 numbers out of a guess range of 59. Secondary prizes are available by picking a bonus number which is chosen at the time of the draw from the same drum as the regular guess set.
$1.00 for 2 lines.
Allocation of Prize Money:
1st Prize – 75%
2nd Prize – 7.25%
3rd Prize – 5.50%
4th Prize – 6.25%
5th Prize – 6.0%
By statute, 40% of Lotto revenues are earmarked as prize money. Approximately 33% goes toward programs, and 27% goes to administration.
Winnings Payout Methods
Jackpot winners can choose to be paid in 26 graduated payments or may elect to accept a one-time lump sum payoff. Players have up to 60 days from the date of their claim to choose a payment option (cash or annuity).
Lotto jackpots are subject to Federal withholding of 25% to 28%. In addition, the state of New York taxes winnings at 8.97% while the Cities of New York City and Yonkers assess at 3.648% and .897% respectively.
|1st||5 + BN||1:45,057,474|
|3rd||4 + BN||1:144,415|
|5th||3 + BN||1:96|