Today – How Long Does It Take for Lottery to Pay into Account?
Winning loads of money is a dream to anyone who plays money games. Even if you say you don’t care, somewhere deep inside, there is always the hope that you will be the lucky one.
Some people count the chances of winning a lottery before buying a ticket. There even is a unique system for predicting the chances of winning a lottery game. It is called lottery mathematics. The system is predominantly based on combinatorics, a mathematical area that uses counting possibility, opportunities, and variations to predict the results.
In Arizona, a typical lottery called The Pick features a 6/44 matrix and states a minimum of $1 million as the prize for winning the lottery. The player has to pick six numbers from 1-44. If his picks match the lottery jackpot results, he wins the sum.
However, there always has to be a moment of uncertainty between the game and the results. Lottery results in Arizona are usually announced every Wednesday and Saturday at 7:00 PM local time.
The winner of the most significant sum of money in Arizona lottery was Frederick Hallwyler. On September 30, 2015, he won $6.28 million for playing The Pick.
If you are as lucky as Frederick, and also have won some amount of money in the lottery, you might be wondering how long does the lottery pay into account? It is excellent to own the winning ticket. Nevertheless, it is even better to hold the money the ticket promises.
Here is all you need to know about the formalities that will appear if you win the lottery- from lottery winnings, through money transfer of mega millions to the winning lump sum.
Depending on where you have bought the lottery winning ticket, you usually have between 90 days to one year after the drawing to claim your winnings. The easiest way to check when your winning ticket expires is to see the expiration date on the back of the card.
If you decide to wait for too long and come to the purchasing point after the established time, your ticket will no longer be valid. It means that even if you won, the money would not be paid into your bank account.
Another thing to remember is that to get the sum payment – you need to claim the ticket in the same jurisdiction where you first bought it.
Two factors are determining the time it takes to see the money in your account.
The first factor is always the winning sum. As a rule of thumb, the higher the numbers, the longer it takes to see the lottery winnings in your bank account. The expected times look a little like that:
- The winning amounts up to $600: paid out on the spot.
- Mid-range prizes: paid the next banking day.
- The Pick prizes ($1 million and more): no longer than 60 days, but usually paid within 5-10 working days from claiming back the ticket.
The second factor is the payment type. Depending on the option you will go for, the annuity payment, or the cash lump payment, the time will vary.
Annuity Payment lets the winner get the entire amount of his winnings. However, you will get the payment in yearly installments.
Annuity Payment may not be the mega millions in cash that you were hoping for. Nevertheless, there are numerous benefits to the annuity payment form. It is like getting a salary without having to work a single day.
Cash Lump Payment
Lottery winners often choose this form of payment as it pays a large amount of money at once, in a single payout.
However, there is one major downside regarding this payment method. The winner is obliged to pay a cash lump sum, which can be as high as half the amount of money won. Nonetheless, winners all over the world prefer this payment type over the annuity one, as it lets them become millionaires in no time.
It is no secret that the chances of winning a lottery are relatively low. Nevertheless, it is always worth a shot. Who knows, maybe the ticket you are about to buy will be a winning one?
If that happens, you should remember several things that will make your way to becoming a millionaire much quicker. These include signing the winning ticket at the back and claiming the prize in the same spot where you have purchased the ticket.
There are two possible ways of getting your money. The most popular is cash lump payment. However, it would be best if you contact a financial advisor before choosing your option.
Now that you have all the necessary information, there is nothing more left to do than go and try your luck!
How Long Does It Take for Lottery to Pay into Account? is a feature post