Congratulations! You’re now a millionaire!
You check your emails the morning after a lottery draw and there it is, in capitals letters in your inbox. Congratulations you’ve won! It’s the email we all dream about receiving and hope we’ll get one day soon. But what happens after you’ve been notified that you’re a lottery jackpot winner and millionaire? In our article, you just won, now what?, we looked at everything lottery winners needs to think about after winning big, but today we’re looking at one of the most popular questions every lottery winner asks, how long does it take to get my lottery prize?
Do all lotteries have the same payout policy?
The short answer is no. Every lottery has their own method and timeline for verifying and cashing out lottery prizes. The methods might be similar, but they’re all unique to the specific lottery.
However, there is one consistency. There will always be a period in which you as the ticket holder is solely responsible for that winning ticket. This is regardless of your location or the place of purchase. A good way to ensure that the winning ticket is always recognized as your property, is to sign the back of the winning ticket. What happens if you want to claim your winnings anonymously? Then you can read more about that here.
Rules for claiming a US Powerball and Mega Millions jackpot prize
Both Powerball and Mega Millions are run by the Multi State Lottery Association, MUSL, which comprises of 33 member lotteries in total. Powerball and Mega Millions are both offered in 44 out of 50 states, and each state has their own rules when it comes to ticket validation and prize collection processes.
Collecting US Powerball and Mega Millions jackpots
Winnings to the value of $599 and less can be collected at any lottery retailer as long as that particular outlet has the cash on hand.
The moment prizes hit $600 and higher, state laws differ when it comes to prize collection, but the process looks more or less the same. Winning tickets need to be validated by the state lottery and winners need to complete a claim form. Tickets can be validated in person or through the mail, but as you can imagine most winners choose to do this in person. Who really wants to risk this particular letter getting lost in the mail!
Both Powerball and Mega Millions lotteries have the same waiting period. There is a 15-day waiting period between the draw and when the jackpot is actually paid out. Winners are still able to validate their ticket during this period and it’s actually encouraged. This way winners don’t need to stress about losing their ticket and can just sit back and wait for their money to roll in! Sounds like a great way to start your new life doesn’t it?
Should you be playing the lottery online?
Yes! Playing online is actually one of the safest ways to play. When you play with PlayHugeLottos.com, we do all the admin for you. Forget about losing your winning lottery ticket, someone stealing it or even accidentally throwing it away, because we keep it safe for you.
Ready to know what it feels like to be a millionaire? Pick the lottery that will make you a millionaire!