What happens, practically speaking, when one wins a large sum of money?

In My Humble Opinion
1

Sure, the Powerball jackpot and other large jackpots of late have had many of us discussing the “what ifs” of spending the money, avoiding publicity and the like. But for the purposes of this thread, I’m just wondering what the actual process is when a person wins a very large lottery prize or other very large gambling prize.

For example, say I’ve just hit $20 million on some Vegas slot machine. What happens next? I assume the casino pulls me into their business offices and that I’m required to sign some paperwork and take some publicity photos. But how do they then get me the money? Is the entire amount wired into my bank account? If so, how long does this take? And since I have always understood it to be a bad idea to have a large sum of money in one place like that, would the casino allow you to create additional bank accounts (or other investment accounts) and then distribute the money to various places as you dictate? Or will they dump it all on you and leave it for you to deal with as quickly as possible? How long should I expect to be stuck in their office signing off on everything and walking out a rich man?

Same questions with the state and multi-state lotto prizes. If someone takes the lump sum, how long does it take from the time they claim their prize until they receive the money? Do you have any say in how those funds are disbursed? Is there a “standard”?

If luck is on my side, I will need an answer in the next month or so. :cool:

2

It shouldn’t take too long. You would fill out the tax form - which only takes a couple minutes. They would probably comp you in a nice suite as well.

I am pretty sure a casino would wire it if you’d like. I would think most lotteries would pay by check, but don’t know. Some of the jackpots are multi-casino type jackpots, but I still tend to think you’d get paid right away.

Until the end of this year - in the US - you have unlimited coverage in a non interest bearing account. Simply wire or deposit the money to your checking account - and then make your investments from there.

This is all an educated guess

3

I really really wish I could answer this question.

4

Whatever else happens, you will have long lost relatives suddenly appear, as if by magic.

5

I don’t, sadly, have all your answers, but I do remember reading about UK lottery winners. When they hand over the money, they also give jackpot winners the option of having free financial advice about how to handle your money, were to invest and how to deal with the impact, such as begging relatives. So they don’t just hand you the cash and leave it to you, unless that’s what you want.

I can’t imagine they write you a check anymore.

More info from the organisers:

6

That makes a lot of sense. I suppose it’s not in their interest to have the public think you leave people to flounder on your own.

Then again, a lot of jackpot winners manage to do exactly that, and it doesn’t stop the public from playing.