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What actually happens when you win the lottery.

Topic closed. 28 replies. Last post 2 years ago by TinkerMazell.

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February 24, 2014
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Posted: June 27, 2014, 9:25 am - IP Logged

they  take  your  money on the  spot when u  purchase  a   ticket,  so  they  should   pay  on  the  spot

    Piaceri's avatar - sarsony1
    Republic of Texas
    United States
    Member #57557
    January 9, 2008
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    Posted: June 27, 2014, 2:09 pm - IP Logged

    That's right, "depends upon the state".  I just looked through the Texas Lottery website and didn't see anything about the time between claiming a JP and getting your money, just that it could take up to six weeks if claiming by mail for smaller prize amounts.  Anything over a million bucks has to be claimed at the Austin headquarters, a distance of nearly 500 miles for me. (I believe I'd fly so I could get back in time to "batten down the hatches" and put my plan into place.  I have a suspicion they wouldn't delay releasing my name to accommodate me, so I'd probably hire a friend or neighbor to keep an eye on my house and shoo away anyone who wants to "slip" on my sidewalk leading up to my front door before I got back...SO many things a person needs to do before claiming.)

    I suspect they - the state - would take their own sweet time in forking over the money; they'll be making interest up to the time the check is cashed and the funds taken out of their account.

    I had thought that I read somewhere that funds were electronic, but about 4 days to clear depending on your bank - for Texas Lottery winnings. Multi state takes a minimum 2 weeks for all the states to send the money to the winning state.

    Wasn't there someone here who reported that for the multi state jackpots, your home state would pay an initial $1m or so in anticipation of collecting all the funds from the various states? 

    I sure would like to find out how this works first hand, though! Green laugh

    face

    singlewinnersinglewinnersinglewinner   

      hearsetrax's avatar - 0118

      United States
      Member #52345
      May 21, 2007
      2657 Posts
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      Posted: June 27, 2014, 3:25 pm - IP Logged

      I had thought that I read somewhere that funds were electronic, but about 4 days to clear depending on your bank - for Texas Lottery winnings. Multi state takes a minimum 2 weeks for all the states to send the money to the winning state.

      Wasn't there someone here who reported that for the multi state jackpots, your home state would pay an initial $1m or so in anticipation of collecting all the funds from the various states? 

      I sure would like to find out how this works first hand, though! Green laugh

      LOL I'd love to find out for myself as well

       

      well Cheers s to this Saturday's PB

        Teddi's avatar - Lottery-008.jpg

        United States
        Member #142499
        May 13, 2013
        1182 Posts
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        Posted: June 27, 2014, 4:28 pm - IP Logged

        I had thought that I read somewhere that funds were electronic, but about 4 days to clear depending on your bank - for Texas Lottery winnings. Multi state takes a minimum 2 weeks for all the states to send the money to the winning state.

        Wasn't there someone here who reported that for the multi state jackpots, your home state would pay an initial $1m or so in anticipation of collecting all the funds from the various states? 

        I sure would like to find out how this works first hand, though! Green laugh

        Does that initial $1 million payout from the state also depend on the state? Do all the states do that or just some? Because I remember a destitute person won a MUSL game some years back and he got a financial advisor who got him a small loan so that he could have a place to live and food to eat until he got his winnings. Surely he wouldn't have needed to do that if giving a million to the winner right away was something standard. Though I suppose it would explain why so many people claim their winnings right away.

        I might wake up early and go running.  I might also wake up and win the lottery.

        The odds are about the same.

          CDanaT's avatar - tiger avatar_04_hd_pictures_169016.jpg
          TX
          United States
          Member #121193
          January 4, 2012
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          Posted: June 28, 2014, 11:44 am - IP Logged

          That's right, "depends upon the state".  I just looked through the Texas Lottery website and didn't see anything about the time between claiming a JP and getting your money, just that it could take up to six weeks if claiming by mail for smaller prize amounts.  Anything over a million bucks has to be claimed at the Austin headquarters, a distance of nearly 500 miles for me. (I believe I'd fly so I could get back in time to "batten down the hatches" and put my plan into place.  I have a suspicion they wouldn't delay releasing my name to accommodate me, so I'd probably hire a friend or neighbor to keep an eye on my house and shoo away anyone who wants to "slip" on my sidewalk leading up to my front door before I got back...SO many things a person needs to do before claiming.)

          I suspect they - the state - would take their own sweet time in forking over the money; they'll be making interest up to the time the check is cashed and the funds taken out of their account.

          Mike....our state seems pretty good about the payouts being relatively quick..... I have a little over 300 miles to get to Austin( 4 1/2 - 5 hour drive)....After the day or 2 of being on total nerves, getting to the bank to get a safety deposit box, it would be time to get to work on contacting the attorney and financial team , making appointments to see each of them.... As far as collection day, I think I would get a rent-a-car(truck), drive that one....give me a good chance be thankful for what me and the mrs. are about to receive...after collecting the big check, head back to the residence...get all the big bills( House) taken care of, will drawn up(unless it could be 100% completely done in advance)..
          Have an RV ready to go...head off....destination ???  USA.... Timeframe ???  to be determined....budget ??? negative.....Ponder my future endeavors and just smile alot

            Goteki54's avatar - Lottery-007.jpg
            Baltimore, MD
            United States
            Member #143332
            May 30, 2013
            398 Posts
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            Posted: June 28, 2014, 3:40 pm - IP Logged

            Exactly!!!

            Cheers

            Following the trends and patterns means following the money!Banana

              Coin Toss's avatar - shape barbed.jpg
              Zeta Reticuli Star System
              United States
              Member #30470
              January 17, 2006
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              Posted: June 29, 2014, 12:42 am - IP Logged

              What actually happens when you win the lottery.

              Government agents posing as "Men In Black" whisk you away and call it an alien abduction!
              Scared

              Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

              Lep

              There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                psykomo's avatar - animal shark.jpg

                United States
                Member #4877
                May 30, 2004
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                Posted: June 29, 2014, 1:38 am - IP Logged

                In California it can take up to 6 weeks.

                NG:

                Please >>>>>>>>>>>can U  help UR neighbor'$$$$$$$$$$$$ on D west coast

                git D money >>>>>>>>>>>>>>>>>>>>>>>$$$$$$$$$sooner than 6 week's??

                where?^RD^Lottery Lover Person's n calie

                never mind<we have>no<!

                no understand'g of whoD lottery post  LLP should B>>>>>>>>>ND year 2014>>>>>>>>>>>??????????

                but, that bring'$ up another subject??????????????????

                RD Lottery Post member'^ gitn>dum>R>dummer>>?!

                  mikeintexas's avatar - tx avatar-1.gif
                  Texas Panhandle
                  United States
                  Member #136843
                  December 20, 2012
                  1258 Posts
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                  Posted: June 29, 2014, 2:16 am - IP Logged

                  I had thought that I read somewhere that funds were electronic, but about 4 days to clear depending on your bank - for Texas Lottery winnings. Multi state takes a minimum 2 weeks for all the states to send the money to the winning state.

                  Wasn't there someone here who reported that for the multi state jackpots, your home state would pay an initial $1m or so in anticipation of collecting all the funds from the various states? 

                  I sure would like to find out how this works first hand, though! Green laugh

                  I don't know, Piaceri.  I didn't see that on the official site, but I may have missed it.   That would be nice if they'd advance you some of your winnings like that.   I'd like to know all this too, seems like they'd have that information on the website.


                  A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                   - George Orwell

                    mikeintexas's avatar - tx avatar-1.gif
                    Texas Panhandle
                    United States
                    Member #136843
                    December 20, 2012
                    1258 Posts
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                    Posted: June 29, 2014, 2:28 am - IP Logged

                    Mike....our state seems pretty good about the payouts being relatively quick..... I have a little over 300 miles to get to Austin( 4 1/2 - 5 hour drive)....After the day or 2 of being on total nerves, getting to the bank to get a safety deposit box, it would be time to get to work on contacting the attorney and financial team , making appointments to see each of them.... As far as collection day, I think I would get a rent-a-car(truck), drive that one....give me a good chance be thankful for what me and the mrs. are about to receive...after collecting the big check, head back to the residence...get all the big bills( House) taken care of, will drawn up(unless it could be 100% completely done in advance)..
                    Have an RV ready to go...head off....destination ???  USA.... Timeframe ???  to be determined....budget ??? negative.....Ponder my future endeavors and just smile alot

                    It'd take me close to an hr. to get to the Amarillo airport, then an hr. flight to DFW and I bet there'd be a layover in Dallas, or at least I'd have to switch planes.  Prob. another hr. to Austin and a half hr. cab ride to lottery headquarters.  I'd have that ticket wrapped in so much plastic and taped around my waist the airline scanner would probably think it's a bomb.    It's too bad they couldn't just validate the ticket at the Amarillo regional office and take photos and such there, but....I'm not going to whine about it if I do win, though.


                    A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                     - George Orwell

                      Piaceri's avatar - sarsony1
                      Republic of Texas
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                      Posted: June 29, 2014, 9:58 am - IP Logged

                      I don't know, Piaceri.  I didn't see that on the official site, but I may have missed it.   That would be nice if they'd advance you some of your winnings like that.   I'd like to know all this too, seems like they'd have that information on the website.

                      Years ago, one of our members here wrote to several state lottery office with a list of questions regarding claiming major jackpots and the procedures. Most answered, some did not. Texas did. They posted the responses from each state lottery office.

                      I've searched for that thread and found it! http://www.lotterypost.com/thread/236652  It does not address advancing funds on a multi-state game that has not been fully collected from the other states. In light of the recent MM jackpot being won in Texas, I'm tempted to fire off an email myself.

                      face

                      singlewinnersinglewinnersinglewinner   

                        RJOh's avatar - chipmunk
                        mid-Ohio
                        United States
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                        March 24, 2001
                        19816 Posts
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                        Posted: June 29, 2014, 10:26 am - IP Logged

                        I had thought that I read somewhere that funds were electronic, but about 4 days to clear depending on your bank - for Texas Lottery winnings. Multi state takes a minimum 2 weeks for all the states to send the money to the winning state.

                        Wasn't there someone here who reported that for the multi state jackpots, your home state would pay an initial $1m or so in anticipation of collecting all the funds from the various states? 

                        I sure would like to find out how this works first hand, though! Green laugh

                        I've read of supposed winners convincing local merchants that they've won a lottery jackpot and being extended credit for a new car and other stuff, I suppose you could try the same thing with your local bank if you just had to have some of your winnings right away.

                         * you don't need to buy more tickets, just buy a winning ticket * 
                           
                                     Evil Looking       

                          LottoMetro's avatar - Lottery-024.jpg
                          Happyland
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                          September 1, 2013
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                          Posted: June 29, 2014, 2:02 pm - IP Logged

                          Years ago, one of our members here wrote to several state lottery office with a list of questions regarding claiming major jackpots and the procedures. Most answered, some did not. Texas did. They posted the responses from each state lottery office.

                          I've searched for that thread and found it! http://www.lotterypost.com/thread/236652  It does not address advancing funds on a multi-state game that has not been fully collected from the other states. In light of the recent MM jackpot being won in Texas, I'm tempted to fire off an email myself.

                          I've never heard of Texas, or any MUSL state really, advancing funds not received for jackpots. Seems like that would open up a liability for them. I did a quick search on Texas' regulations and found this: "If necessary, when the due date for the payment of a prize occurs before the receipt of funds in the prize pool trust sufficient to pay the prize, the transfer of funds for the payment of the full lump sum cash amount may be delayed pending receipt of funds from the party lotteries." Basically they can hold the payment until they receive all the monies.  I also found in their Powerball FAQs document the following: "The earliest you may receive your Powerball grand/jackpot prize is on the 17th day after the draw date." So even in a best case scenario, if you're destitute you better find a bank. Smile Any bank can call up the lottery commission and get verification that you won, and the lottery might even offer to sign a notarized statement.

                          If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                          If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                          2016: -48.28% (13 tickets) ||
                          P&L % = Total Win($)/Total Wager($) - 1

                            TinkerMazell's avatar - Lottery-035.jpg
                            Augusta, Georgia
                            United States
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                            May 10, 2012
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                            Posted: June 29, 2014, 5:23 pm - IP Logged

                            They tell you "you know you didn't have to bring this ticket in you can get your $2 at any retailer".  Then as you are leaving, just before the door closes, you can hear them say "what an idiot".

                            LOL! Please tell me you did not do that!