Simple answer. Buy in non income tax states just in case you do win. Gives you an average 10% increase in prize value.

The government doesn't pay in most lotteries it's a private corporation that runs it for percentage of the take. When government gets involved as apparently happened in Illinois the greed and criminal activities begin. Illinois? Where else?

Here's how it works for real. Prize for that week is announced minus the cut of the corporation and minus the cut of the sponsoring government.
The remainder is held pending decision of the winner(s) then taxes are subtracted and unless people are stupid stupid stupid paid immediately AND anothere amount set aside for tax increases which no one knows until the year of the win is now the former year.

Typically one half after the first skim goes to the government immediately which then taxes the paid out half as well. Win is 200 million option is 100 million now US and Arizona for example take 46% combined. Winner gets 54 million. On a 100 million win half that etc etc etc.

The next step is the locust feast and the relatives feast and the friends feast....But if yiou can side step all of that the real problem is not where to invest it's to protect. What for treat that amount of the ready as risk capital? Especially when it means a. all those tax headaches and b. all those commissions on all those good deals - that aren't.

What's needed is a good system for protection which to me means get it outside the clutches of the Obamacula's as fast as possible. At some point they are going to a. raise taxes and b. ban taking money outside the country. Nothing new about that.

I cannot begin to understand people who are set for life who then worry about investments. Even inflation is unlikely to reduce it down to their current level of living. As for 'giving back?' What an idiotic statement. What the hell do they call the 3/4 o f the total that already went back?

As for over 20 years or 30 years THAT takes someone with brass balls and a PhD in Risk Management.