If you win the Powerball, Mega Millions or NY Lotto jackpot or one of the top two Cash4Life prizes you have the choice to take your winnings as a cash lump sum or a series of annuity payments. If you choose the annuity payments you will receive the full advertised jackpot amount over a number of years. If you choose the lump sum option you will receive one payment amounting to the cash value of the jackpot at the time you claim. This will be less than the advertised jackpot, which takes into account any increases in payments over the course of the annuity period.
More information can be found on the Cash vs Annuity page.