What happens when you win the lottery?
When a lottery prize is won, our body and our conscience experience changes proportionally direct to the prize amount that we have won. The emotion begins to fill us when we go over the numbers of our ticket and we see how they match with the winning combination.
If only one, two or three balls are hit, depending on the lottery we play, we are excited to get back the amount we have played, and a little more. Usually we think that we have recovered the investment and that in the best of cases, we have an extra money for a new free bet.
It is from hitting 4 or 5 balls (including the extra in what lotteries), which usually corresponds to a prize that can exceed € 10,000, when not only our emotion, but it is our body that begins to experience changes. Nerves emerge, the heart is shot, it seems that we lack air, feels stiffness in the legs, hands and fingers look like butter … and our mind starts to think a lot about what and how to spend it. How much it will cost us in taxes, what can we invest or how should we keep it.
How to collect the lottery prizes?
Different options to collect the prizes:
- Cash: When the prize amount is equal to or less than the maximum amount established by the organization to receive it through an establishment or administration authorized for sale.
- By bank: When the amount is of an amount that requires direct payment through a banking entity.
- Direct from the organization: When the prize must be validated directly by the organizer.
- Purchase of resident physics: That the prize corresponds to a lottery purchased in the same country of residence,
- Non-resident purchase: That the prize corresponds to a lottery purchased in a country other than a residence.
- Online purchase: The purchase has been made through an online lottery platform.
Collect the lottery prize in cash (Cash)
This will be possible only when the amount corresponding to the prize, is of an equal or lesser amount, to the maximum amount stipulated by the organization that authorizes the establishments or administration to make the payment, or in banking entity.
In both cases, the player must present the ticket physically as it has been validated and after carrying out the verification, receive the amount in net, if the amount entails withholding taxes.
Collect the lottery prize directly from the organization
When the amount of the prize exceeds the limits of payments authorized to collaborators (agents and / or lottery administrations), the ticket duly signed on the back must be presented to the regulatory body of the lottery in question
If it were important quantities, the lottery organizer and according to the rules of the Country or State in which the lottery is held, can authorize the anonymity of the winner. But usually they usually advertise the delivery of important prizes.
The winner or winners can contract services of companies and legal and tax cabinets that advise him regarding the collection and tax payments.
Collect lottery prizes if you reside in the country
There is no limitation or restriction, unless the person submitting the prize, must be of legal age in his country or state.
That he presents the duly validated ticket and with the winning combination according to the prize he claims.
Collect lottery prizes if do not reside in the Country
Each country has its own regulations regarding raffles and payment of prizes, usually requires the presence of the winner and physically provides the document or game ticket.
In the case of a non-resident, you must arrange with some means that allows you to collect according to the rules of the game, either through an intermediary that justifies residence.
In lotteries with a multi-state character, such as the European lotteries EuroMillions and Eurojackpot, any player from a country other than their residence has no more problem than presenting their winning ticket in a bank office, and this will be responsible for carrying out the procedures and tax payment procedures if applicable and payment of the remaining cash on the client’s account.
Collection of lottery prizes in purchases through online platforms
When the player is a client of an online platform of lotteries such as LottoHoy, the management of collection of prizes is very simple when it comes to small or medium quantities.
Once the scrutinies have been made, the platform enters directly into the account of the registered user, the amount corresponding to the prize and that amount is immediately available.
When it comes to a jackpot, an extraordinary jackpot etc … the company will contact the player to advise on the steps to follow.