How Long Does It Take To Get Your Lottery Winnings?

If you have just discovered you have won the lottery, you are probably eager to know how long it may take to get your lottery winnings. 

Curious to find out the answer? Continue reading this King Casino blog post!

How Long Does It Take To Receive Lottery Winnings After Claiming Them? 

Generally, the first thing many people think of when winning the lottery is what they are going to spend their winnings on. Perhaps a new car, a new house or a luxurious holiday.

They might also be wondering when they will receive their lottery winnings.

If you have won the UK National Lottery then, Camelot will contact you and invite you to claim your prize. Once this has taken place, your prize should be paid to the debit card registered with your account within 60 days.

What Is The Process For Claiming Lottery Winnings? 

If you win a prize over £50,000 in the lottery, there is a process you must follow:

1. Prize winners have 180 days to claim their lottery win.
2. Call the National Lottery to inform them of the win.
3. Direct Debit Prizes worth over £50,000 must be claimed in person.
4. Complete a Prize Claim Form. Camelot provides these forms.
5. Once you have signed and completed your form, you must submit a form of ID so Camelot can verify that you are the winning ticket holder.
6. Camelot will then check that the form is accurate and complete.
7. Then, your prize can be paid.

Can Lottery Winnings Be Claimed Anonymously? 

Yes, lottery winnings can be claimed anonymously. In the UK, you can choose to keep your lottery win private. Many players choose to keep their big win anonymous for various reasons. Some of those reasons may include wanting to stay out of the limelight and media, not wanting requests for favours, and for the safety and security of their families.

How Are Larger Lottery Winnings Paid Out? 

Prizes up to £500 can be paid directly into your account soon after the lottery draw.

Wins ranging between £500.01 and up to £30,000 can be transferred into your bank account via direct debit after you have confirmed your account and have followed your message instructions in your National Lottery account.

Wins between £30,000.01 and up to £50,000 can be claimed by calling the National Lottery and are generally paid by cheque.

Large lottery wins over £50,000 must be claimed in person. You have 180 days to make your win claim. You will then receive a call from Camelot to ensure your win is valid. Once this has taken place, an appointment will be made so that you can claim your win in person.

Are Lottery Winnings Taxed? 

Lottery winnings are not taxed in the UK. Whether you win thousands or millions, you do not have to worry about your prize being reduced because of tax payments. HM Revenue Customs does not treat lottery wins as income, so you do not need to pay tax on any winnings.

Can Lottery Winners Choose To Be Paid In Instalments? 

Usually, lottery winners cannot choose to be paid in instalments. Most lottery games are paid in one lump sum.

However, an exception is the Set For Life lottery draw. The jackpot prizes in the Set For Life lottery cannot be paid in a lump sum. Instead, lottery prizes are paid in monthly instalments. The top prize is £10,000 every month for 30 years, respectively.

But this could change depending on the organisation, so it may be best to check.

*All values (Bet Levels, Maximum Wins, etc.) mentioned in relation to this game are subject to change at any time.