What Is The Difference Between The Cash Option And The Annual Payment Option For Florida Lottery Prizes?

Q: What is the difference between the cash option and the annual payment option for Florida Lottery prizes?

A: For those who choose, when they win the lottery especially when it’s a long number, they can just take it annually. It can be paid out to them for so long as they live and so long as that prize is still in existence. If something happens to that winner, it would go to their heirs. Most people, and I mean the vast majority of people, choose the cash option. When you take the cash option, it does reduce the amount of your prize, but most people would rather take their prize and invest it themselves than wait for it comes on an annual basis from the Florida lottery.

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