Lottery ticket worth $40 million sold in Wellington County

$41M lotto ticket sold in Wellington County Someone who purchased a lottery ticket in Wellington County is now $41 million richer. Hannah Schmidt has that story.

Someone in Wellington County could be $40 million dollars richer.

The Ontario Lottery and Gaming Corporation (OLG) has announced the jackpot-winning LOTTO MAX ticket for Tuesday’s draw was sold in Wellington County.

They did not say specifically where the ticket was sold but anyone who bought a ticket in the area is urged to check their numbers.

"It is exciting for the owner and it's really exciting for everybody to buy, to sell lotteries, and it brings happiness to your home," said Sam Katarea, owner of Mr. Variety, a convenience store based in Guelph.

Katarea says the convenience store that sells the winning ticket gets a call as well as a visit from OLG to verify the winning ticket was sold at the store, adding that it's just as exciting for the seller.

"That means a lot. You know, we would have more customers coming in, not just from the Wellington County or from Guelph, but from Cambridge, Kitchener, everywhere around. We'll have more. And then we'll have a big banner for the winning ticket, so it means more customers for us."

A spokesperson for OLG tells CTV News there have been multiple one million dollar winners throughout Wellington County, but this is the first multi-million dollar win they could find in records dating back to 2017.

While a win like this will certainly be worth celebrating, experts are also encouraging the winner to take some important steps, saying the real work begins after the win.

"The first thing you can expect from this kind of a win is that the OLG is going to conduct an investigation," explained Sulaiman Mangal, a lottery winnings dispute resolution lawyer. "One of the mistakes that I've seen is [winners] try to deal with it on their own. The problem with this is you may not remember all the details. You may blurt something out that is not in fact accurate. which can affect when you get paid, if you get paid."

What should you do first? Sign the ticket to establish ownership and store it in a safe place. Then, assemble a dream team of professional before making any big moves.

"The main things: a lawyer, an investment advisor, maybe a tax lawyer as well. That way, you're comfortable because you've got people who understand the system," added Mangal.

Stephan Desbiens, a financial planner at Exponent Investment Management, says discretion is key in circumstances where someone wins a large amount of money.

"Scams have to be considered. They will come out of the woodwork. Your number one thing you should do from the onset is just to tell as few people as possible. Only tell close family," Desbiens said.

Protecting that golden ticket isn’t just about hiding it. Experts suggest exploring specialized insurance to guard against loss or theft of the ticket before claiming your prize.

"So if you mismanage your winnings, if you get taken for fraud or if you want to protect other people in your gifting strategy, you could protect them using insurance, through something like an annuity contract," explained Desbiens.

He also says the biggest challenge might not be protecting the ticket, but protecting the actual winnings as sudden wealth can often lead to overspending and poor decision making.

"Try to stay away from those things that can expose you to profiteers or to other things that can set you down the wrong path."

Whoever is holding the winning ticket has up to one year from the draw date to claim their prize. According to OLG policy, any LOTTO MAX and LOTTO 6/49 prizes that aren’t claimed are returned to the national prize pool for future draws.

In addition to the big prize, two ENCORE tickets worth $100,000 each were in Hamilton and Barrie.