Annuity (lotto)
An annuity is a financial instrument not unlike a loan or
mortgage.
Lotteries use annuities to create higher jackpots than they
have the cash on hand to support. The problem with this is that,
like a bank who lends through a mortgage,
the player who wins an annuity-backed jackpot must collect the
money slowly, usually over 20 to 26 years.
