# Huge lottery winnings - how do they work? **URL:** \ **Category:** Factual Questions\ **Created:** [April 14, 2013, 1:56pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676 "2013-04-14T13:56:47Z")\ **Posts on this page:** 8\ **Page:** 1
**Author:** ![Shinna\_Minna\_Ma](https://avatars.discourse-cdn.com/v4/letter/s/f08c70/32.png) [@Shinna\_Minna\_Ma](https://boards.straightdope.com/u/Shinna_Minna_Ma)\ **Post date:** [April 14, 2013, 1:56pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/1 "2013-04-14T13:56:47Z")
Say I hit the Mega-Millions for a huge sum of money. I’m a smart guy, so before I show up at the lottery agency I first go to see a lawyer, accountant, financial adviser, etc. After I sign the forms and the taxes are taken out, I choose to take a lump-sum payment of $200 million. What happens then? Doe the state, or lottery agency, simply dump $200 million into my bank account? (Unfortunately, I don’t need a fast answer.) ☹ ---
**Author:** ![Si\_Amigo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/si_amigo/32/2877_2.png) [@Si\_Amigo](https://boards.straightdope.com/u/Si_Amigo)\ **Post date:** [April 14, 2013, 2:18pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/2 "2013-04-14T14:18:27Z")
Don’t they just hand you a check? A huge big one for show but also an actual regular sized one that you hand to your financial team to diversify for you. ---
**Author:** ![Tamerlane](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/tamerlane/32/7602_2.png) [@Tamerlane](https://boards.straightdope.com/u/Tamerlane)\ **Post date:** [April 14, 2013, 3:33pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/3 "2013-04-14T15:33:45Z")
> [@Shinna\_Minna\_Ma](#): > > Does the state, or lottery agency, simply dump $200 million into my bank account? In CA I believe they actually cut you a physical check for the first payment ( only payment if you take a lump sum ) at any of their designated lottery offices and will provide a security guard to accompany you to a local bank. After that if you have an annuity, you can designate an account for it to be deposited into. But for some reason that first one is done with real paper. Sadly I don’t have first hand knowledge of this either, but this is according to the [official handbook](http://static.www.calottery.com/~/media/Publications/Popular_Downloads/2013_winnershandbook_english.pdf), which I checked a couple of years ago out of curiosity. ---
**Author:** ![aruvqan](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/aruvqan/32/2891_2.png) [@aruvqan](https://boards.straightdope.com/u/aruvqan)\ **Post date:** [April 15, 2013, 12:49am UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/4 "2013-04-15T00:49:36Z")
LOL I think if I won one of the huge ones, my credit union [which is reasonably small] would first plotz then stroke out from shock as that would probably double their [tiny] worth. 😛 ---
**Author:** ![Chimera](https://avatars.discourse-cdn.com/v4/letter/c/8e8cbc/32.png) [@Chimera](https://boards.straightdope.com/u/Chimera)\ **Post date:** [April 15, 2013, 1:54am UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/5 "2013-04-15T01:54:31Z")
My local bank branch is in a grocery store. I imagine if I showed up with a check for that much money, the two people working there at any given time would have strokes. It’d be like some odd Doctor Who episode where he hits the robots with the sonic screwdriver and they start jerking around before keeling over. Oh, and NO, if you won $200 million cash option, you don’t get $200 million. There’s these pesky little things called taxes that they take out first. At least in the USA. ---
**Author:** ![Shinna\_Minna\_Ma](https://avatars.discourse-cdn.com/v4/letter/s/f08c70/32.png) [@Shinna\_Minna\_Ma](https://boards.straightdope.com/u/Shinna_Minna_Ma)\ **Post date:** [April 15, 2013, 12:20pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/6 "2013-04-15T12:20:51Z")
> [@Chimera](#): > > Oh, and NO, if you won $200 million cash option, you don’t get $200 million. There’s these pesky little things called taxes that they take out first. At least in the USA. No, my OP specified that it was $200 million after taxes. ---
**Author:** ![drillrod](https://avatars.discourse-cdn.com/v4/letter/d/b487fb/32.png) [@drillrod](https://boards.straightdope.com/u/drillrod)\ **Post date:** [April 15, 2013, 4:40pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/7 "2013-04-15T16:40:12Z")
According to the Powerball [FAQ](http://www.powerball.com/pb_contact.asp) they can direct deposit into your bank account if you bring them your info, although if you show up the day after the drawing, you may have to wait a bit. > [@](#): > > HOW LONG DOES IT TAKE TO GET MY MONEY? > It takes up to two weeks to collect the cash from the stores around the nation. If you go to the lottery to claim your prize after that two weeks, then, in many states, you can generally have the jackpot money (all cash or the first of the annual payments) hit your bank account the next day - maybe the following day if you come to the lottery office very late in the day. Some lotteries must work through the state system and that can delay the payment. That said, Powerball jackpot winners generaly don’t have trouble getting a little credit if you wish to buy something before the money arrives. Just mention my name - and that you are the Powerball winner. ---
**Author:** ![Quartz](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/quartz/32/267_2.png) [@Quartz](https://boards.straightdope.com/u/Quartz)\ **Post date:** [April 15, 2013, 5:14pm UTC](https://boards.straightdope.com/t/huge-lottery-winnings-how-do-they-work/655676/8 "2013-04-15T17:14:55Z")
> [@Shinna\_Minna\_Ma](#): > > What happens then? Doe the state, or lottery agency, simply dump $200 million into my bank account? I’ve read that here in the U.K., the National Lottery has a team of people to advise you on your new wealth.