Lottery experts warn that winning millions in games like Powerball or Mega Millions can be more complicated than many expect. While the odds of hitting the jackpot are extremely low—about 1 in 292.2 million for Powerball and 1 in 302.6 million for Mega Millions—winners still emerge and must know how to handle their sudden fortune.
One of the first challenges for winners is simply realizing they have won. Many people do not immediately claim their prize. To help, state lotteries announce big wins publicly and set time limits for claiming prizes. These claim windows vary by state, typically ranging from 180 days to one year.
Akshay Khanna, CEO of online lottery platform Jackpot.com, explained that these deadlines exist mainly for accounting and budgeting purposes. If a prize is not claimed within the time limit, the unclaimed funds are returned to the state lottery system or used for public programs.
“Having a deadline allows lottery organizations to finalize their records and allocate unclaimed prizes elsewhere,” Khanna said. He added that it is rare for winners to come forward after a year has passed.
Even when winners know they have won, some delay claiming their prize. Khanna said this often happens because players simply don’t realize they hold a winning ticket. Jackpot.com helps prevent this by notifying winners directly and securely storing their tickets until they choose to claim their prize.
This service aims to ensure no one misses out on a life-changing jackpot due to oversight or confusion.
