How Long Does It Take to Get Lottery Winnings | theLotter
 
 
 

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

Congratulations! You’ve just won the lottery! You beat the odds and correctly picked all the numbers - plus the bonus numbers - and now you're a millionaire! You're probably wondering how long it takes to get your lottery winnings. Read and find out!

how long after winning the lottery do you get the money

Of course you’re feeling happy, elated, and a million other emotions all at once. Once this initial tidal wave of excitement and emotions subsides, you might also be wondering, ‘How long will it take to collect my lottery winnings?’ At the moment you’re holding a winning ticket, you're holding a promise that a huge jackpot will be paid to you. However, until you can exchange your ticket for cash, you’re going to have to guard that ticket and keep it safe. So, the sooner the better, right? Right.

Every lottery has a slightly different method and timeline when it comes to verifying tickets and claiming prizes. What goes for the UK lotteries isn’t quite the same with American lotteries such as US Powerball and the US lottery Mega Millions, or individual state lotteries. What is constant, though, is that there will be a period of time in which you are responsible for your ticket. Regardless of where your ticket is purchased, it's a good idea to sign it as proof that it belongs to you.

Claiming US Powerball and Mega Millions Prizes

How long does it take to get Powerball winnings? Both major lotteries, Powerball and Mega Millions, are run by the Multi State Lottery Association, MUSL, which is made up of 33 member lotteries. US Powerball and Mega Millions are both offered in 44 out of 50 states and each state sets its own rules for ticket validation and prize collection. In all states where Mega Millions and Powerball are offered, it’s possible to collect any prize less than $599 at a lottery retailer as long as they have the cash on hand to pay out your prize.

For prizes $600 and above, differences start to appear between the rules of the different states, however, the general procedure is more or less the same. Your winning ticket will need to be validated by the state lottery and you will have to fill out a claim form. Ticket validation can often be done either by mail or in person. Jackpot winners, as you can imagine, almost never send their winning tickets through the mail and elect instead to bring their ticket to the state lottery commission for validation.

how long after winning the lottery do you get the money

For US Powerball and Mega Millions, there is a 15-day waiting period between the winning draw and when the jackpot will be paid out, as money from ticket sales needs to be collected in order to pay out the jackpot. However, it's still possible to validate your winning ticket in this time, thereby establishing yourself as the winner and absolving you of the responsibility to hold on to your ticket. Once your ticket has been validated, all you need to do is sit back and wait to collect your prize.

If you’re wondering how long do you have to claim Mega Millions or a Powerball prize, you’ll be glad to hear that both Powerball and Mega Millions give at least 180 days (excluding New Mexico where a winner has just 90 days) and many states give winners up to a year to collect Mega Million prizes. Collecting your Mega Millions prize winnings in cash on the other hand, leaves you with just 60 days to claim it. If you’ve won a lottery prize and you’re not sure how long you have to claim it, be sure to contact the lottery operator in the state that the ticket was purchased in so you don't miss out on claiming your prize!

If You Win the EuroMillions Lottery, How Do You Get the Money?

European lotteries, while sometimes overshadowed by big names such as US Powerball or Mega Millions, are not to be underestimated! Lotteries such as EuroMillions, SuperEnalotto and EuroJackpot may have jackpots that are slightly smaller, but their winning odds are overall much more favourable compared to their American counterparts. EuroMillions holds draws in 9 participating European countries every Tuesday and Friday for some of the biggest jackpots in the world. Players need to select 5 main numbers from a range of 1-50 and 2 Lucky Stars (1-12) to enter the draw. The jackpot set a guaranteed €40 million and can grow up to the jackpot cap of €190 million. The lottery also includes an additional 12 prize divisions. Players are given between 60 days to 3 years to collect their winnings.

how long after winning the lottery do you get the money

So how long does it take to get your money when you win the lottery? When you win a EuroMillions lottery prize, you have a few options. The first one is claiming your prize at any authorized lottery retailer. This rule is the same for all countries regarding smaller lottery prize wins excluding Belgium, where smaller prizes are added to your lottery account unless the balance goes over €500, in which case the winnings are transferred to your bank account.

How much in prize winnings can you claim at your local retailer?

  • UK and Ireland: €100

  • Portugal: €150

  • Switzerland: €220

  • France: €300

  • Luxembourg: €750

  • Belgium and Austria: €1,000

  • Spain: €,2500

Lottery prizes larger than the amounts stated above can be paid out in a variety of ways depending on the country the ticket was bought in. In most cases, the winner can claim their winnings by going to a lottery claim centre or filling out a prize claim form and having the winnings be paid out either by cheque or bank transfer.

Lottery winnings from the higher prize divisions (jackpot, second or third division) usually require the winner to make a confirmation visit their country’s national lottery headquarters in order to claim their money which will be paid through a bank transfer after a confirmation visit to the headquarters. Some countries may request winners to book an appointment beforehand for proof of identity and to fill out prize claim forms. The exception to these rules is Spain, where winnings over €2,500 are paid out through a bank transfer without the need to go to the national lottery headquarter. If you’ve won a larger lottery prize, these processes may take up to several days depending on how fast you can get an appointment at the national lottery headquarters, how long the bank transfer will take and how long the cheque takes to get to you.

Every country has laws of its own in regard to the collection of lottery prizes. If you have a winning ticket and you’re not sure how to claim your prize, you should contact your local lottery officials as soon as you can in order to make the prize claiming process as quick as possible.

How to Claim Online Lottery Winnings

Have you ever thought about what happens when you win the lottery online? How secure it is or how long it will take for the money to get to your account? Lucky for you, the theLotter makes claiming winnings online safe and fast! As soon as the numbers are announced, if you have a winning ticket, you will immediately be contacted by our staff via email and SMS to notify you of your win.

how long after winning the lottery do you get the money

For small secondary prizes, your winnings are immediately transferred into your online account. Once your withdrawal request is approved, withdrawing from your account with your default payment method will be available within 24 hours. Bank transfers, which are available for larger wins, may take up to 5 days after obtaining a receipt of the win from the official lottery operator. When you withdraw, it should be noted that you can only take out the equivalent to the amount you have deposited into your account with your default payment method. If your winnings surpass this amount, they will be forwarded to you by bank transfer.

If you win a jackpot prize or any other large prize that requires you to personally claim your winnings from the lottery operator, our team will assist you in gathering any required documentation that the country’s national lottery might demand. This includes proof of identity (either a passport or drivers license), payment method information, address confirmation (a copy of a utility bill showing your full name and address) and bank statements. If you think you’ve won a jackpot or big secondary prize and you’re not sure how to go about claiming it, we highly suggest that you can contact our customer service team who will assist you through every step of the process!

Is it Safe to Play the Lottery Online?

If you’re out to win a jackpot prize, it is actually safer to play the lottery online than in person. Here's why. If you happen to win the jackpot playing the world’s most exciting and biggest lotteries with theLotter, your ticket will be kept securely in a safe in our local office until you, or your attorney, are able to take it directly to the lottery to claim your prize. While most winners are, of course, able to safeguard their tickets until they can be redeemed, there are enough heartbreaking stories of winning tickets lost or destroyed to appreciate the peace of mind that a reputable, professional company can bring to the entire process.

Use Your Time Wisely

how long after winning the lottery do you get the money

Regardless of where you win your lottery jackpot, there will be a period of time, however brief, between discovering you’ve won and actually receiving your prize. This is time that can be used wisely to prepare yourself and your loved ones for the future. Use this time to consult with a financial planner to decide whether you wish to take a lump sum payment or annuity and how to manage your money once it’s in your possession. Speaking with a lawyer can help you settle issues regarding your estate, which will now be considerably more valuable. Discussing with a spouse, partner, or those closest to you about how, when, if, and to whom you’d like to reveal your good fortune is also not a bad idea. In short, it’s a time to prepare for the tidal wave of changes that are coming your way.

We hope this article answered your question, 'How long after winning the lottery do you get the money?' Good luck in the next draw!