Get every detailed step here so you know how to claim your Powerball prize when and if you become an official Powerball winner.
You bought a Powerball ticket. You tuned in to the nightly drawing, watched the balls pop up into the chute, and your ticket matched the numbers drawn! You’re a Powerball winner! But, now what? When you’re holding a winning Powerball ticket, it’s important to carefully consider your next steps. One wrong move could spell disaster when it comes to collecting your prize money. Here’s the lowdown on collecting your Powerball prize, big or small.
The amount of your prize dictates how you’ll collect your winnings.
While every participating state has different requirements for collecting Powerball prize winnings, the rule of thumb is any prize winnings of $600 and below can be collected at any authorized Powerball retail outlet or the State Customer Service Centers.
The process is much different for big Powerball jackpots, requiring the winner to appear in person with the original ticket. In these instances of larger prize amounts, the ticket must be signed and turned over to the State Commission. And winning tickets must be submitted for collection in the same state in which the ticket was purchased.
All Powerball tickets have a shelf life, so check the expiration date!
Most people take their winning tickets to the appropriate site for collection, but some winners need time to make some critical decisions before picking up their big prize. Make sure to check the back of your winning ticket to determine how much time is given to collect your winnings. States vary, however, and the expiration date can range from 90 days to one year. And it’s a reminder that when you play, always check your tickets. There are countless winning Powerball tickets that go unclaimed because players simply didn’t realize they were winners.
Winners have a few options to choose from when collecting their jackpot winnings.
The collection of Powerball winnings is an easy process that has a few options to consider before reaping your reward. If the ticket was purchased online, there may be an option for an electronic funds transfer (EFT) directly to your bank account. Big jackpot winners must appear in person and can collect their Powerball jackpot winnings via check or the EFT option. If your ticket is a winner and the prize amount is at or below $600, you can collect that in cash from any participating Powerball retail outlet. Again, all participating states have their own rules and regulations, so check with your State’s Customer Service Center for a more thorough explanation.
Follow a paper trail when it comes to Powerball Jackpot prize wins.
It is your responsibility to keep a record of your Powerball jackpot paperwork. The original ticket must be signed by the winner and turned over to the State Commission. It is recommended that copies be made of the front and back of the ticket before turning it over. All paperwork associated with the Powerball jackpot should also be copied and kept in a safe place.
Will the real Powerball winner please stand up?
For many Powerball jackpot winners, the first thought is anonymity to avoid the onslaught of people contacting them for monetary gain. But, many states require public recognition of the winners, announcing their name, city of residence, and photo. However, other states may allow winners to collect their jackpot under a trust or other legal entity, which can be represented by an attorney at the time of collection.
Now that you know what to do should you win, get out there and play!
Winning big at Powerball is a dream come true, and collecting your jackpot prize winnings is easier than ever. You can always trust the Powerball official website to be your primary source of information. Check out the FAQs and educate yourself as an avid player. Get out there and play! Once you choose the process and collect your winnings, the only thing left for you to do is decide what you’ll do with that prize money!