A NEW âLifetime Lotteryâ was launched this week to help those who dream of big wins – but can’t handle a huge fortune all at once.
The Set For Life draw will pay the winner a ‘salary’ of Â£ 10,000 per month for 30 years – Â£ 3.6 million in total.
The prize is designed to appeal to players who want “stability of regular payments”.
It also follows disastrous lottery failure revelations such as Michael Carroll, a former binman who blew up his Â£ 9.7million win on drugs, parties and prostitutes.
Earlier this month, The Sun spoke about a string of disgruntled winners, such as John McGuinness, who found himself destitute after spending Â£ 4million on a bad investment, and Callie Rogers, who exploded his Â£ 1.9million victory over clothes, made-up and cars.
If they had won Set For Life instead, their stories might have been happier.
Players choose five numbers from one to 47 and a Life Ball from one to ten for each line, which costs Â£ 1.50. To hit the jackpot, all the numbers must match.
Getting five issues without Life Ball earns Â£ 10,000 a month for a year. Small prices range from five to 250 Â£.
The odds of winning the bi-weekly draw are slim – $ 15 million to one to hit the jackpot over 30 years, but it’s still three times better than the Lotto’s 45 million to one.
In its very first draw on Monday, two ticket holders won the second prize for a year of payouts. They have so far refused publicity.
On Thursday night, another winner took home the One Year Prize, but the Lifetime Jackpot was not won. Camelot declined to say how many punters bought tickets, but said sales were in the millions.
Experts predict that the game will mirror the success of similar raffles in the United States and Australia.
Sarah Burns, of the prize-promoting agency Prizeology, says, âI can see this type of annuity-style lottery appealing to anyone who is even a little financially savvy and can see the benefit of a big regular monthly payment rather than a big monthly payment. a huge jackpot that can often be very overwhelming.
âIt can be easy to score a big win if you don’t have the experience or the support to spend wisely.
âOf course, you can’t buy a new house and a new car right away, like you could with a one-time gain, but a monthly sum of this size is always a life-changing amount of money and the winner could never need to work again.
But others have warned of the impact of inflation, as payments are fixed and not adjusted to match the rising cost of living.
Andrew Hagger of moneycomms.co.uk says: âAccording to the Bank of England’s inflation calculator, Â£ 10,000 in 1998 would only be worth Â£ 3,706 30 years later. It just shows how much inflation can eat away at your wealth over time. “
If a winner dies before the end of the 30 years, the value of the annuity goes to his estate.
Today, Sun Money speaks with a winner of a similar lottery in the US and examines the fate of some of the UK jackpot winners.
“20 years of payments put me at ease”
GRANDFATHER Joseph Corsello chose to receive his 20-year New York State Lottery $ 1 million (Â£ 760,000) prize because he wanted to make “forced savings”.
The 64-year-old from Stormville, NY, could have taken the lot all at once in November 2017, but opted for Â£ 38,000 a year to avoid blowing him up.
The fencing contractor says, âIf you took a million dollars and put it in your bank account and looked at it in five years, half of it would be left.
âYou might think, ‘It’s a nice SUV, I’m going to buy it.’ People say that with a lump sum you could invest it in the stock market and earn more.
“With that I know what I’m going to get, it doesn’t go up and down.”
Mr Corsello, who had already paid off his mortgage before his victory, says he didn’t expect to be particularly wealthy in his later years. But the extra income made her family life more comfortable.
This meant he could help his 31-year-old hairdresser, buy a house and also help with her marriage.
He and his wife Carol, 63, a dental assistant, have also just finished fitting out their kitchen with high-end appliances.
Mr Corsello says the decision to take an income depends on your age and health, adding, âIf you’re a little older than me, why not get the lump sum? If I was my daughter’s age, I would also get a lump sum, because you have the time to invest it. But, for me, it’s fair.
Despite the victory, Mr. Corsello is still working because he likes to keep busy. . . but he now plans to retire at 67 rather than 70.
Winning is not everything
Here’s how some of the UK’s jackpot winners have performed over the years. . .
FRANCES and Patrick Connelly won Â£ 115million at EuroMillions in January this year.
The couple from County Down, Northern Ireland, said they had no plans to move into a massive new home and instead wanted to move to a bungalow.
Frances, 52, and Patrick, 54, said they would share their winnings with 50 people and help St Francis Community Football Club in their former hometown of Hartlepool, where they volunteered for 25 years.
BARBARA and Ray Wragg, of Sheffield, won Â£ 7.6million in the 2000 lottery but decided it was too much and gave away Â£ 5.5million.
They donated it to 17 local charities, including funding a bladder scan at the Royal Hallamshire Hospital where Barbara worked as a nurse, an MRI scanner for a children’s hospital and money for a cancer unit. in adolescents.
Barbara died in 2018 at the age of 77, but Ray, 80, said giving to others was their greatest pleasure.
FOR THE WORST
RETIRED Royal Artillery gunner Peter Kyle, 66, of Plymouth, won Â£ 5.1million in the 2005 lottery, but in three years the money had almost dried up.
He was forced to go out of work after spending Â£ 4,600 a day on cars, giving cash to his children and building work on his house. After three years he reportedly lived and worked in a Â£ 15 a night hotel.
JOHN Roberts, 51, an Edinburgh security guard, earned Â£ 3.5million in 1998, and lost it all to a series of misjudged investments.
The purchases included 40 high-end cars, vacations, and a fake Tudor mansion. Roberts’ marriage ended shortly after her victory. He ended up living in a caravan in Yorkshire.
DAVE and Angela Dawes, from Wisbech, Cambs, got lucky in the lottery after their third entry and won Â£ 101million at EuroMillions in 2011.
Former factory supervisor Dave and Angela, who worked at a charity store, started their own charitable foundation and donated Â£ 1million each to around 30 relatives and close friends.
But their lottery win was marred after an argument with Dave’s son, Michael, a former soldier, which resulted in a legal dispute over the money they won.