A EuroDreams game could make your own dreams come true but only if you overcome odds of close to 20 million to one and claim a new cash prize on the table from the National Lottery and other European operators.
The EuroDreams twice-weekly draw starts in November and will offer a tax-free top prize of €20,000 every month for 30 years.
Tickets for the game will cost €2.50 per line and go on sale on Monday October 30th in advance of the first draw on Monday November 6th.
The National Lottery said the game is the first annuity-type game of its kind in Ireland and is a joint venture with seven other European countries.
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The draws will be held every Monday and Thursday and participants will pick six numbers from 1 to 40 and a bonus “Dream” number from 1 to 5 to make up their combination.
Unlike other lottery draw-based games, the annuity top prize, which is worth €7.2 million, will be paid in monthly tax-free payments spread over 30 years.
If a winner of the EuroDreams game dies before the end of the 30-year period, then the outstanding amount is paid in one lump sum to their estate – and taxes will be due on inherited sums.
While new to Ireland, annuity options are frequently offered to lottery winners in other countries.
Many US lottery operators give jackpot winners the choice of a taxed lump sum or a tax-free annuity paid over 30 years.
Aside from the tax benefits, an annuity can be more attractive to many people as, while still being a life-changing sum of money, the staggered payments can help people avoid some of the worst consequences of big jackpots which can often see lives derailed as winners struggle to come to terms with their dramatically changed circumstances.
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A spokesman for the National Lottery also noted that while other games are popular among syndicates, the 30-year annuity of €20,000 will only be available to individuals.
Similar to the EuroMillions game, draws will take place in Paris at approximately 8pm Irish time on draw nights.
National Lottery chief executive Andrew Algeo said the new game would offer “a unique, life-changing annuity prize, the likes of which has never been seen in Ireland before”.
He said this type of annuity game has been “incredibly popular in other countries such as the UK and the US and we think it will prove incredibly popular with our players, some of which like the idea of winning such a prize which is paid in regular instalments over the long term”.
The odds of winning the top prize are just under 19.2 million to one while the odds of claiming the second-tier prize of €2,000 a month for five years by matching six numbers is 4.8 million to one.
