If you won the lottery, there are a lot of important things to consider before spending your windfall. First, you’ll have to decide how you’ll receive the money, which will affect when you’ll get it and how much tax you’ll owe. Then you’ll need to assemble a crack team of professionals to help you make smart decisions. And finally, you’ll need to figure out how to spend it.

The odds of winning the lottery are incredibly low, but it’s fun to play, and people do win it. Some people try to improve their chances by buying multiple tickets or using a number system. But these strategies don’t significantly improve your odds of winning. In fact, mathematicians call the likelihood of winning a jackpot an arbitrarily small quantity, known as epsilon.

Most lottery winners choose to take their prize in a lump sum, which means they’ll receive the cash right away. But the IRS will withhold 24% off the top. That’s a huge hit, especially if the prize is large.

If you choose to take the annuity option, you’ll receive annual payments over 30 years. Each payment will increase by a certain percentage each year. If you die before the annuity ends, the remaining payments will pass to your estate. In either case, you’ll need to carefully weigh the pros and cons of each payout option. Lastly, remember to protect your ticket, and keep your name out of the news. That will keep you safe from scammers and long-lost friends who want to reconnect.