Oz Lotto rose to a whopping $50 million on Tuesday, with one in six Australian adults expected to buy an entry into the draw.
The last time the Oz Lotto jackpot was this huge was eight months ago in January 2022 and it is the biggest prize an Australian lottery game has offered this financial year.
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So what happens if you are lucky enough to hit the jackpot with Oz Lotto 1494 and win the entire prize, making you an instant multi-millionaire?
What Happens When You Win Division One?
First, Division One and Two winners with a registered account will receive a personal call from the company delivering the good news.
Lott spokeswoman Anna Hobdell said: “If we have a Division 1 winner tomorrow night we would like to let them know right after the draw. You may not have to go to work on Wednesday mornings or ever again!”
Winners who do not have a registered account must visit a lottery ticket outlet such as a newsagent or one of The Lott’s offices to receive their prize.
“We encourage our customers to … register their entries on a player card or online account so we can contact them right after the draw, potentially with some amazing news,” Hobdell said.
Keep a record of your ticket, you will need it to complete the prize claim form, and keep copies of both the form and your original tickets for your own records.
Winning entries are then reviewed before winners are given instructions detailing how to claim the money, as well as expert advice on how to manage their new fortune.
The Lott also advises winners to seek advice from financial professionals, as winnings from winnings could have tax implications, although Australian lottery winnings are tax free, meaning you get every penny.
When and how do I get the Oz Lotto money?
Small prizes can be paid out almost immediately after a draw, but Division 1 winners must wait two weeks before their prize is credited to a designated bank account.
The Lott says you can use this time “to plan what you’re going to do with your life-changing prize.”
If you bought your ticket in the Lott app, the prize money will be transferred directly to your online lottery account after two weeks.
For in-store entries, prize money can be paid by check or EFTPOS in person at The Lott’s headquarters, or by mail using the Prize Claim Form. A two-week reflection period must have elapsed before the payment is made.
Prize payments will generally be processed and paid within 10 business days of receipt of the SA Lotteries Prize Claim Form.
https://7news.com.au/business/oz-lotto/heres-exactly-what-happens-if-you-win-the-50-million-oz-lotto-jackpot-on-tuesday-c-8429977 Oz Lotto Draw 1494: What Happens If You Win Division One’s $150 Million Prize?