How Long After Winning The Lottery Do You Get The Money (And Why)?

Exact Answer: Maximum 10 Days

When it comes to the lottery, there are two mega players in the market. They are Powerball and Mega Millions. A lot of people buy tickets for these two lotteries in the hopes to win the jackpot that can be in millions.

Winning, however, depends on luck. The tickets are sold anonymously. The number that is chosen is also anonymous. Anybody can be a winner. The winning numbers are announced on specific days of the week.

Once a person wins the lottery, they need to contact the lottery provider. After applying for the cash prize, it can take some days to get the prize.

How Long After Winning The Lottery Do You Get The Money?

Once a person finds that they have the winning numbers in the ticket, they need to double-check for the number to avoid discrepancies. Once that it is confirmed, it is advisable to take an expert along so that there are no problems legally.

It takes some time to get the prize amount. The time depends on the prize that a person has won. Secondary amounts or amounts that are smaller in the range can be collected in the state it was purchased in. However, when it comes to the jackpot amount, the winner needs to travel, and visit the lottery headquarters to claim the prize.

Prizes that are under 600 dollars can be paid out immediately. The winner needs to visit the lottery office from where they purchased the ticket. Show the ticket and verification documents, and can take them home the prize money immediately.

When it is about mid-range prices, chances are it can be paid either on the same day or the next banking day. However, when it comes to the jackpot prizes, a winner can expect to get the winning amount after approximately 5 to 10 days.

Why You Get The Money That Long After Winning The Lottery?

Winning a lottery involves the person being patient not only to get lucky and win the jackpot prize but, also to claim for it. The claim procedure is simple but it can take some time to get the money in the bank account.

There are many reasons why it can take about 5 to 10 days to get the prize money. Some of the reasons are as follows:

• The winning amount is the biggest determining factor of the time it takes to get the amount in the bank account. Small winning amounts can be paid off in a single day upon showing the ticket consisting of the winning numbers.
• But when it is about a huge amount of money, the process can be a little lengthy, as it may require the winner to be physically present at the lottery headquarter to show the ticket and get the money.
• Since the winning amounts can be in millions, it can take a few days to get transferred to the bank account of the winner as it has to be done only after proper verification.
• It is also important that the winning ticket is in a proper and readable condition. If the condition of the ticket is bad, it can lengthen the whole process of claiming for the prize.
• In case the winner the jackpot prize, they can choose between two payment methods. One method is the lumpsum method, and the other method is the annuity method. If the winner chooses the lump sum method, they can get the amount minus the deduction in their bank account in one go.
• If the winner decides to get the amount via the annuity method, the winning amount will be divided and paid yearly.

Conclusion

People choose the lumpsum mode of payment as they get the money in one go. However, in lumpsum payment, there is a deduction that reduces the winning amount significantly. The IRS can deduct almost 24% of the winning amount. There can be other deductions too.

While in the annuity method, the winner has maximum possibilities to get the complete amount although divided and sent annually. 

References

1. https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/gwlr79&section=40
2. https://link.springer.com/chapter/10.1007/3-540-45600-7_22