Virginia's Lottery Track Record
Virginia is the 12th most populous state in the US, and its lottery has produced its share of headline-making winners over the decades. The largest prizes have come from the multi-state games — Powerball and Mega Millions — where Virginia players have claimed jackpots in the hundreds of millions. For a deeper look at how those games work, see our Powerball Guide and Mega Millions Guide.
Bank a Million: The Tax-Paid Jackpot
Bank a Million deserves special attention because of its unique prize structure. The top prize is advertised as "$1 million after taxes" — the Virginia Lottery covers both state and federal taxes on the prize, so the winner receives exactly $1 million. The pre-tax value is approximately $1.4 million. No other lottery game in the country offers this arrangement, making Bank a Million a distinctly Virginia product.
Tax Obligations
For all other Virginia Lottery prizes, standard tax rules apply. Virginia's state income tax rate is 5.75%, and the federal withholding rate on lottery prizes is 24%. The combined effective tax rate is approximately 30%, though winners in higher income brackets may owe additional federal taxes when filing returns. For a detailed breakdown of how taxes reduce a jackpot, use our What Happens When You Win guide or review Tax-Free Lottery States for comparison.
Virginia withholds 4% in state taxes on prizes over $5,000 at the time of payout. The remaining 1.75% (up to the full 5.75% rate) is due when the winner files their annual state tax return.
Anonymity Rules
Virginia has an unusual anonymity threshold. Winners of prizes over $10 million may remain anonymous — their identity is protected from public disclosure. However, for prizes under $10 million, the winner's name and general location can be released through a Freedom of Information Act (FOIA) request. This means Bank a Million winners (at the $1 million level) are not automatically protected. Virginia's $10 million threshold is one of the highest anonymity cutoffs of any state that allows anonymity at all.
How to Claim Prizes
Virginia Lottery winners have 180 days from the drawing date to claim their prize. The claiming process depends on the prize amount:
- Under $600: Claim at any Virginia Lottery retailer
- $600 to $99,999: Claim at any of the Virginia Lottery's regional customer service centers
- $100,000 and above: Claim at Virginia Lottery headquarters in Richmond
All prizes over $600 require a completed claim form and valid identification. Winners of large prizes should consult a financial advisor and tax professional before claiming — the Virginia Lottery encourages winners to sign their ticket immediately and keep it in a secure location.