Multi-million dollar lottery ticket worth $2 million sold in Florida

The $1 game requires players to combine up to six numbers, for a maximum jackpot of $ 2 million. Players have three chances to pick the right combination on each ticket.

Moon's perfect score netted him the full $ 2 million.

Yet, rather than accept the $ 2 million as an annuity, Moon took a lump sum of $1,368,554.50.

Luckily for Moon, Florida is one of the few states without a state income tax, which would further reduce his winnings.

Lottery winners often have the difficult choice of either taking a reduced lump-sum payment or getting their entire prize in installments for many years. Many choose to get the smaller prize immediately, and this means they have to pay a big price in the long run.

Yet, he sacrificed $ 19 million to get $ 21 million upfront. Pharis Frank also took a smaller sum rather than an annuity when he won the lottery for the second time in just three years.

The North Carolina resident chose a lump sum of $ 1.2 million rather than $ 2 million spread out over 20 years after winning the Diamond Dazzler scratch-off.

Some winners have no choice but to accept their payments over time. Many games now only offer prizes spread out throughout a player's entire life.