Did you just win a big prize in the lottery, or are you still dreaming about hitting a big jackpot in your life? If so, find out what happens next and how you can claim your prize money.
How do you know if you won on Multilotto?
Winning the lottery won't go unnoticed! First of all, you will receive an email to congratulate you on your win. If you win a prize of over 10,000 euros, you'll receive a personal phone call!
More practically speaking, you need to have a verified account to withdraw your winnings. If your account hasn't been verified yet, then you will need to provide a valid ID and address. Once you've done this - you can go ahead and withdraw your prize money.
Two different ways to claim your prize
As a big jackpot winner, you have two options for how you want to claim your prize and collect your money. You can choose to withdraw everything at once, or have it split up into yearly payments.
The Lump Sum Payment - Collect everything at once
Lottery winnings are usually paid out over several years, but if you choose to take out your full prize all at once, you will be paid the cash value of the jackpot. This is actually less than each annual payment put together since you will be paying tax on the full amount in one tax year.
Take US Powerball as an example, according to rules of US State and Federal taxes, any prize above $1,500 be withheld 24% for residents and 38% for non-residents. How many percents you will pay in taxes will vary depending on your country’s tax regulations.
On one hand, you get a big cash payment accessible right away, and you won't have to worry about anything affecting your future payouts. You're also taxed yearly on your winnings, and taxes could go up in the future.
But then again, you are losing a big chunk of your prize money and a regular passive income stream if you choose to withdraw everything at once.
Long-Term Payout - A regular income for 20-30 years
Jackpot winnings are often split up into annual payments over a period of 20 to 30 years. This means that you can count on a steady income flow!
Splitting up your prize money will also mean that you're likely to end up in a lower tax bracket annually - and therefore pay less tax. You do need to keep inflation in mind since this means that money becomes a little less valuable each year.
If you're interested in investing a sizable sum, then your best bet is to take out all your prize money at once. Also, keep your lifestyle in mind, are you going to live to see all your winnings?
Taxes on lottery winnings - What you can expect
Taxes, the inescapable fact of living and earning money wherever you are living in the world. How much tax you need to pay on your winnings depends on your country. But, if you're one of the lucky people who have won a prize from tiers 1, 2 or 3, well, then you'll be happy to hear that 39.6% of it will be deducted. This puts you in a similar situation as if you'd been playing on the Source Lottery.
If you want to know more about the taxes applicable to your winnings, turn to the tax office where you live.
Previous big Multilotto winners and their prizes
Ever wondered what it feels like to win big? We're sure you've thought about what you'd do with the money if that day ever came. But, let's look at three very lucky people who have won big and what they did once they claimed their prize.
The first winner of 2020 - Anette brings home €11,000
Anette from Germany was the first winner of the new year, and she brought home a total of € 11,114 from the German Lotto. Not a bad way to start the year!
Anette herself felt that there was just something special about that day as she woke up. The prize money couldn't have come at a better time. Anette spent her winnings on bills and a new heater for her house. And the rest of it? Well, it will go to enjoying life a little extra!
An England player wins €40,000 on Roulette on one lucky day
A casino player from England tried his luck on Roulette in 2018, and what do you know? It was his lucky day and he got to cash in 40,000 euros!
And if we may say so, he spent his money wisely - on a house for himself and his family.
A Swedish Multilotto winner brings home €30,000 in September 2019
A player from Sweden had one great day as he won over 30,000 euro on the Polish Mini Lotto. At the time, he was a student and was so happy to use part of his winnings to pay for his studies.
The rest of the money, he will spend on something that he's always wanted to do - redesigning his home!
Are you the next big winner?
It's always fun to fantasize and imagine what you would do if you won big on the lottery, and it's interesting to hear about previous jackpot winners. But, it's even more fun to be one of the winners!
Are you going to be the next winner to claim your prize? You can't win if you're not in the game, so join us for a chance to win!