The odds of winning the Lotto jackpot are 1 in 45,057,474, with prizes being available at five different tiers. Jackpot winners can choose between a lump sum or annual payments over 26 years. Prizes over $5,000 are subject to 9% state tax in New York, plus 24% federal tax.How long after winning the lottery do you get the money?
In either case, the lump sum or first annuity payment is not sent until at least 15 days from the date of the winning drawing. This waiting period is due to the fact that the company that runs Mega Millions requires two weeks to receive wire transfers of the lottery funds from the 45 participating jurisdictions.