How Long After Winning the Lottery Do You Get the Money

Close your eyes and imagine you won a huge lottery jackpot. Feels nice, right? We guess you want to get your hands on your lottery winnings as fast as possible. You will begin to ask how long it takes to get the money after winning the lottery. The more critical part of the lottery, the number selection stage, may be over, but you still need to know what to do when you get lucky in lottery.

This article contains the information you need to know about how long after winning the lottery it takes to get the money and the deadline to submit your lottery ticket.

How Long Does It Take To Get Lottery Winnings

It takes up to 15 days to get your lottery winning. Although, this depends on the size of the lottery wins. The larger the prize, the longer you have to wait to receive your lottery winnings. You must come forward with your lottery ticket, fill out the claim form, and wait to get paid. Lottery players who play the lottery at online lottery websites may get paid immediately in their online accounts if their winnings are a small amount.

When you want to collect your lottery winnings, you can expect to experience one of these three scenarios.

The table below lists how much time you have to collect your lottery winnings from the top international lotteries before it expires.

How Long Do You Have To Wait To Get Your Lottery Winnings by State

So you won the jackpot but aren’t physically available at that moment to visit the lottery office and claim it in person. You might begin to worry about how much time you have to collect your lottery winnings. Do not worry; you will be happy to hear that your lottery tickets do not expire immediately. The lottery states give up to one year to collect your lottery prize.

Another thing to know is that the claiming period for each state in the United States differs due to state regulations and lottery rules. This makes it important to research the time limit you have to get your winnings.

How long Do You Have To Wait To Get Your Lottery Winnings from Powerball and Mega Millions by State?

For the Powerball and Mega Millions lottery, you have a claim period of between 90 days and one year. The table below shows the claim period for the Powerball lottery in the different states in the country.

Note: California gives at least one year for Jackpot prizes and 180 days for other prizes.

How long Do You Have To Wait To Get Your Lottery Winnings from EuroMillions by State?

You have between 60 days and three years to collect your lottery winnings. Even though US Powerball and US Mega Millions are more popular than the EuroMillions, they have better winning odds. EuroMillions holds its draw in nine European countries, including Austria, Belgium, France, Ireland, Luxembourg, Portugal, Spain, Switzerland, and the UK.

These countries have different lottery rules and regulations, so the claim period varies. The table below contains the claim period for the other countries where the EuroMillions draw is held.

When you are ready to collect your prize, visit the nearest authorized lottery retailer in person to claim your EuroMillions lottery winnings. You must go to the lottery retailer for all countries to collect smaller prize winnings. The only exception is Belgium, where the lottery winning will automatically transfer to your lottery account. 

If you played the lottery online, the lottery provider will collect it on your behalf and send it to your online lottery account.

How Much in Prize Winnings Can You Claim at Your Local Retailer?

Smaller prizes will be paid out immediately once you present a winning ticket. Larger prizes take some time because the lottery organizers will need some time to accumulate money from ticket sales.

The small prizes you can collect immediately at the EuroMillions are listed below.

If your prize is more than the amount listed in the table above, you will have to visit the lottery claim center to fill out a prize claim form. Afterward, you will get your lottery winnings, paid directly via cheque or bank transfer.

How Long Does Lottery Take To Pay Out Online

Suppose you play online at the official lottery website or the website of a lottery retailer, like TheLotter, LottoAgent and LottoGo. In that case, you will get your prize on your online lottery account. Afterward, you can withdraw it by using your preferred payment.

But if it is a larger amount like the jackpot or the first secondary prize. You will need to contact the lottery provider to collect your lottery winnings in person.

How Long Does It Take To Get Lottery Winnings By?

After submitting your winning ticket to the lottery organizer, they will present you with several ways to collect your lottery winnings. Here are a few ways to receive your winnings

• Mail. It takes one to two weeks for lottery winners to get their money by mail.
• Bank. It also takes one or two weeks for lottery winners to get their prize money. The lottery will pay the winning amount on the next banking day after the payment has been approved.
• Office. Some lotteries, like the EuroMillions, will require you to come to the claim office to collect your winnings.Small winnings will get paid immediately while larger winnings take one to two weeks.
• Online Lottery Account. The lottery website will pay your lottery the next day after the draw. If it is a large amount, you will need to go to the lottery office.

6 Things To Consider When Waiting To Collect Your Winnings

Many people dream about winning the lottery. Even before players make their lottery selection, they begin to imagine what they would buy if they win the jackpot. But the irony is, that when you beat the odds and win the lottery, you will probably not be mentally prepared to handle it. The jackpot is a huge sum, after all.

Here are seven things to consider while waiting to collect your lottery winnings.

Wait to share the good news

It might be tempting to go to the rooftops and scream, “I have won the lottery” or “I am a millionaire.” After all, it is exciting news, and you probably want to share it with everyone. But it is better to exercise restraint. If people know, you will be surprised by how many people will begin to ask you for favors. You can eventually tell your loved ones later along the line.

Find out if you can remain Anonymous

When someone wins a massive jackpot, almost everyone wants to know the lucky winner. Journalists, investment firms, and people looking for money will begin to pester the lottery winner, looking for an audience or money. This is why most winners do not want the publicity of winning the lottery jackpot.

You can choose to remain anonymous after a lottery win. Some states allow lottery winners to claim their prize money without revealing their identity to the public. Unfortunately, this option is not available everywhere. Some states do not allow people to claim their prizes anonymously because they want people to know that even regular people can play and win the lottery.

Take time to reflect

It is essential to reflect and think about what you want to do with your winnings. You have a couple of weeks or months to claim your winnings. You can take your time, clear your head, and make concrete plans for your financial and personal goals. This will help you to make good choices and spend your money wisely when it eventually lands in your bank account.

Hire legal and financial consultants

Hiring experienced professionals, including legal and financial consultants, while waiting to collect your money is advisable. You will need a lottery lawyer, an accountant, and a financial advisor to protect you from legal problems and help you to create an effective plan for using your lottery winnings.

They will educate you about the lotteries’ payout and tax calculations and help you decide whether to take a lump sum or an annuity payment. You will also learn how to create an enjoyable lifestyle while making smart investments that safeguard your future.

Decide Whether To Take a Lump Sum or Annuity Payments

A lump sum means taking the whole jackpot at once. On the other hand, annuity payments spread the winnings over 30 years. There is no right answer; your choice depends on your personality, goals, and financial situation.

If you choose the lump sum, you will have full control over your winnings and be able to use it as you like. You can invest it to make more money. Annuity payments come with less tax and a guaranteed income for the next 30 years.

Write down your goals and dreams

Everybody dreams about winning the lottery. But only you, the lottery winner, get to make those dreams come through. When you get the money, it is easy to fall into the temptation of an extravagant lifestyle. But even millions of dollars can finish if you do not have a plan.

You should draft a concrete plan and set goals that will help you to make the most of your winnings. Sure, you can start by paying your debts. Thereafter, you can decide on what is important to you and make plans to achieve your goals.

Bottom line: How long does it take to get your Lottery winnings?

Lottery winners will get small prizes immediately and bigger prizes in as long as ten banking days. Regardless of the size of your lottery win, there will be a short period before discovering you are a lottery winner and claiming your prize. You should use this thing to prepare yourself and your loved ones for your future. Talk with your lottery lawyer and financial planner to decide how best to claim the money and how to invest the money.

Now, you have all the answers on how to claim lottery winnings, and the long it takes to get your lottery winnings. Good luck in the next lottery draw.