How to Deal With Jackpot Lottery Winnings

jackpot lottery

There have been many jackpot lottery wins that have gone unclaimed, including in New York. For example, the jackpot for the Aug. 1, 2006 drawing was $31 million, but no one claimed it. The same thing happened on April 25, 2003, when a $46 million jackpot went unclaimed in Brooklyn. And on Dec. 24, 2002, a $68 million jackpot in New York City went unclaimed.

In the early 2000s, the lottery changed the way it paid out jackpots. In Kentucky, the state introduced a new option called “Just the Jackpot.” It allows players to choose the jackpot number on a separate ticket. Most of the time, these tickets are terminal-generated, but in Kansas and Texas, players can select their own numbers.

Winning a jackpot lottery is an incredible opportunity. However, a large amount of money must be handled properly. The first step is to protect the prize. If you win a jackpot, you can choose to receive a lump sum, or you can choose to receive the payout in 30 annual payments. If you are unsure of what to do with your winnings, you should consult with a certified financial planner.

The next step is to determine the actual value of your lottery ticket. You should include taxes and time value of money in your calculation. A common mistake made by amateur investors is to disregard taxes and discount rates and believe the jackpot prize is worth more than it is.