Most tickets have a time limit in which you can claim your winning once the draw has taken place. The majority of time limits vary between six months up to one year. You may be surprised to learn that millions to billions of dollars a year in large, medium, and small winnings go unclaimed. But why would anyone spend their hard-earned dollars to buy the ticket in the first place and then not claim the prize when they win? There are many reasons for this.
Where does the money go?
There are millions of dollars of unclaimed winning prizes each year. Whether people lose their tickets or simply forget, the money remains unclaimed, making everyone wonder what happens with it. At the end of the day the majority of this money goes back to people and community.
Many charities have expressed a huge concern about the future success of their organization. There is no long-term play for them if their ability to get their message across to the younger generations is growing increasingly difficult. As a result the Government has had to figure out a way to intervene and support the charities both on an educational tech level and a financial level. They are taking unclaimed winnings money and funneling them back into the charities that need them most as well as syphoning a small percent of tickets purchased back into charities. Surprisingly they are projecting nearly a quarter billion in extra funding for the charities with this model!