Every one of us has this dream of winning the lottery. That easy money that could change your life 360 and have all the things you want in life. However, not everyone gets the chance to win as the probability is not that high and at the end of the day, you still have to depend on luck. But if ever the universe aligns your destiny to be the lucky winner, have you ever thought of how to claim a big pot of money in exchange for your lottery tickets?
Well, to answer this question, it depends upon the policy of your state and of course the lottery organization. But most of the lotteries in Asia and worldwide give you as long as 180 days to a full-length year to claim your prize. But then no one would want to claim a big sum of money that long right?
But can I exchange my winning ticket and get the cash instantly? No. It’s not the same as we typically see in the media that you can claim it with that big square check and confetti, you need to follow a certain procedure to claim the prize. Procedures vary from one state over another, but of course, in order to start your encashment, you have to approach the nearest local outlet or in case you won on online lotteries, you need to call their customer service right away for them to double-check. But usually, the earliest period to claim is around a week or two after you have gone through all the signing and surrendering those winning lottery tickets.
Winning a big sum of money could attract criminals to inflict harm to a winner and do sorts of bad things just to get the money. That is why it is important for a winner to keep his confidentiality. Almost all lotteries allow the winner’s information to be hidden from the public. As we can observe in newspapers, they usually do not print the name, only the amount and the location of the winner.
Prizes from lotteries are typically taxable by a certain percentage depending on which country you live in. But do not worry, claiming prizes doesn’t necessarily be a hassle as you will be guided in a simple process throughout. The computation and deduction of taxes are usually done internally so the organization will just give you the net amount after tax has been deducted from the total sum of the prize.