In most state-run lotteries,

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Most state-run lotteries pay the winner a single lump-sum payment that is less than the advertised jackpot amount. This is because the advertised jackpot amount is the total amount paid out over many years, and the lump-sum payment represents the present value of that amount. The present value is lower because it takes into account the time value of money and the fact that receiving the full amount over many years is less valuable than receiving it all at once. Therefore, the present value of the winnings is less than the number of dollars won.

In Most State-Run Lotteries