Powerball $100million: Why winners of huge lottery prizes have to wait two weeks for their money – as Aussies reveal what really happens when you win big

Australians buying a ticket in a bid to land the massive $100 million Powerball jackpot have been urged to seek financial advice if they end up winning the prize money.

The eye-watering figure will be up for grabs on Thursday evening, when the winning numbers will be announced after the draw closes at 7.30pm.

Half of all Australian adults are expected to take part in a bid to walk away with the jackpot after there were no division one winners in the last four Powerball draws.

However, those who win big will have to wait two weeks before they see their windfall – and for a very good reason.

The timeline is intended to allow the winners to make plans in advance and consult a financial planner on how they want to spend their life-changing win before the huge sum hits their accounts.

‘We strongly recommend that you seek professional financial advice when making any major lottery wins to ensure you get the maximum benefit from your luck,’ advises The Lott.

Players who win prizes from the First Division or the Lucky Lotteries Jackpot will have the prize money deposited into their online lottery account after two weeks.

With another big jackpot on offer, some Aussies have revealed their bizarre experiences online after claiming big lottery winnings.

“I won the money when I was [in my] late 1930s. I had a person I hadn’t seen since the last day of high school (about twenty years ago) message me saying she was about to lose her house and [a] She inherited a hundred acres of land because she couldn’t work,” wrote another.

One winner urged others who were lucky to keep track of how much they were spending and what they were spending the money on.

‘We won the lotto. We are a smart and educated couple and we decided that this wouldn’t change us. It was an Oz Lotto between $1 and 10 million,” they said.

‘I could afford nice clothes and nice outfits. Louis Vuitton handbags, Burberry jackets, new car. We could eat in nice restaurants.

‘We strongly recommend that you seek professional financial advice for any major lottery wins to ensure you get the maximum benefit from your luck,’ advises The Lott (stock image)

‘But then that became our new normal. Until we could no longer afford our new normal. One day it dawned on us how much of our savings we had used up.”

Another Australian recalled how a friend who had won $1 million quickly consulted a financial advisor “as people were queuing outside her door.”

In January 2023, an American man who won $1.35 billion was accused in a lawsuit of lying about sharing his winnings with his family after winning a huge lottery prize.

The accusation came after he sued his ex-partner for breaching a non-disclosure agreement by telling his family about his big win.

Aussies have been warned not to be tempted to overspend when they receive some of their winnings.

Research has shown that 70 percent of lottery winners go bankrupt, while a third go bankrupt.

Some Aussies revealed in Reddit threads how lottery winnings went horribly wrong for friends and family.

An Australian has described the moment a family member won the Lotto as an event that ‘ruined’ his extended family.

“My uncle won in 2014 and he left the country because my aunt started telling everyone. It has ruined my family,” they said.

Daily Mail Australia previously reported on the story of William Bampton, who won $986,212.30 on the Tattslotto Golden Casket in 2018.

His son Larry revealed the terrible toll the victory took on his family after the 92-year-old man shared the winnings with his son, but left out his daughter.

The elderly man put down a $50,000 down payment on a new home for his son, less than two weeks after scooping the huge prize.

He refused to share the money with his daughter because he did not want her husband to have access to some of the profits. Larry revealed that their father no longer talks to him or his sister.

Half of all Australian adults (pictured) are expected to participate in the $100 million Powerball draw