Mega Millions Lottery: What Happens if Winner of $1.3 Billion Doesn't Claim Their Prize Money?

The Illinois winner of the Mega Millions Lottery jackpot has not yet claimed the prize money.

"We don't know whether or not they even know that they won a prize... So, I encourage everybody to check your ticket," Illinois lottery director Harold Mays told The Guardian on Friday, per CBS News.

Meanwhile, Illinois Lottery Director of Communications Meghan Powers said that it is not unusual for the winner to take extra time before claiming the prize.

"For a prize of this magnitude, it's not unusual for a winner to take a little bit longer to claim the prize as they may want to seek professional, legal, and financial advice prior to claiming," Powers noted.

Mays further noted that the winner might be going through a "range of emotions" following the win.

The lottery player from Illinois won the Mega Millions jackpot prize of $1.3 billion. The unknown individual reportedly bought the lucky ticket at a Speedway gas station in Des Plaines, Illinois.

The said prize was marked as the third-largest single winning in the history of the U.S. lottery.

What Happens if Mega Millions Lottery Winner Will Not Claim Prize?

According to Mega Millions, the rules for claiming the prize depend on the state, per USA Today. However, the usual period for claiming prizes ranges from 90 days to one year from the draw date.

Illinois lottery said winners from their state have one year to come forward.

If Mega Millions' $1.3 billion jackpot prize were not claimed during the grace period, each participating state in the Mega Millions game will get back all the money it contributed.

Mega Millions is played in 45 states as well as Washington D.C. and the U.S. Virgin Islands. Unclaimed prize money typically remains in the lottery fund.

It is a different story if the winning ticket is lost. Reports advised winners to sign the back of their tickets, as anyone in possession of the ticket can file a claim.

If the ticket was lost before it was signed and someone else finds it, they can collect the prize.

Mega Millions $1.3 Billion Prize

The Illinois winner won a massive prize, but they will only take home a portion of the money if they decided to claim the prize in cash.

According to reports, a total of $780.5 million will be the winner's take home, but it is still subject to taxes.

The federal mandatory tax will lessen the price by 24%. Illinois also considers the winner's taxable income at 4.95%. With those taxes, the winner is expected to take home around $554.5 million.

Although the total Mega Million jackpot prize was diminished because of taxes, it is still considered the third-highest lottery prize in the history of the United States.

This article is owned by Latin Post.

Written By: Joshua Summers

WATCH: Winner of $1.34 Billion Mega Millions Ticket Still Hasn't Claimed Prize a Month Later - From CBS Mornings