A LOTTERY winner who won a million dollars in price money has admitted that he is now broke.
Eight years after winning a scratch-off jackpot, the lottery player said he is still struggling to pay back his debt.
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"I'm a former lottery winner. I won a million dollars on a scratch ticket in the state of Virginia when I was 28. I'm 36 now and I'm down to zero," Steven said on a Youtube show called The Ramsey Show Highlights.
A chunk of his winnings were taken by state and federal taxes.
However, in the span of eight years, the winner said he couldn't stop feeding his addiction.
After winning the scratch-off, he lost the prize money after trying his luck at the casino and betting on sports.
Read More on Lottery
"I am a part of that statistic that 80 or 90% of lottery winners lose it. I swore that I wouldn't be but here I am," he added.
"I paid off my debts except for one," he admitted.
"I had two student loans I did not pay off. The federal student loan I paid off. The private student loan that's the debt that I carry today."
Steven is currently a restaurant manager who makes around $75,000 in annual income.
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On the Youtube show, Steven revealed that he still owed about $29,000in debt with only $6,000 set aside in his savings account.
"I know it's frustrating and and again I think you need help and I would absolutely go and get with a therapist," one of the co-hosts recommended.
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"I would make a couple phone calls today. I think you need to take action on this and also some accountability," they added.
Nearly one-thirdof lottery winners eventually go bankrupt within three to five years, according to the Certified Financial Planner Board of Standards.
Many lottery winners spend their winnings on bad investments or extravagant purchases.
However, several fall victim to scammers and harassment from friends or even complete strangers.
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
If you or someone you know is struggling with gambling addiction, call the National Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling online.
Experts advise lottery winners to wait at least a week to make the claim so that they have time to plan what they'll do before the money hits their bank account.
Even after that, lottery winners should "wait at least six months to make any big-ticket purchases — and then never spend more than a small chunk of their winnings (usually 3-4%) per year," as reported by USA Today.
Some addiction specialists say more people are fighting these extreme compulsions for scratch-off tickets and that state officials need to start seriously addressing this problem.
Lottery critics have slammed certain states for failing to distribute revenue to public services and programs to fight gambling addiction.
Read More on The US Sun
Meanwhile, one lottery player missed a jackpot by one number had his misfortune reversed a day later - with a $790,000 win.
And lottery officials are urging players to check their tickets for an unclaimed $278,000 prize.
Responsible gambling
Remember to gamble responsibly
A responsible gambler is someone who:
- Establishes time and monetary limits before playing
- Only gambles with money they can afford to lose
- Never chase their losses
- Doesn’t gamble if they’re upset, angry, or depressed
- National Council on Problem Gambling –https://www.ncpgambling.org/
- Gamble Aware –www.begambleaware.org
For help with a gambling problem, call the National Gambling Helpline on1-800-522-4700or go toncpgambling.org/chat
