Lottery tickets in most countries, if not all, are classified as “bearer instruments”. This means that the ticket legally belongs to the person in possession of it (that is, the one who “bears” it) irrespective of whether or not that person actually bought it.

The implications of this fact should not be underestimated. If you buy a lottery ticket and lose it, the person who finds it is entitled to claim any prize that it wins. The same applies if you give your ticket to someone for safekeeping, or if you are a member of a syndicate. You could therefore potentially miss out on a jackpot if you don’t keep your ticket safe.

A fairly recent development that related to the areas discussed is for lottery operators to offer “lottery cards”. These are similar to credit cards and are registered using the owner’s name and address. When an individual plays a lottery in conjunction with one of these cards, their entry is assigned to them personally, so the potential problems of “losing” a bearer instrument ticket or failing to claim before the due deadline are eradicated very effectively. We anticipate that such lottery cards will one day become the norm, but until then be sure to keep your ticket safe and to claim any prize before the deadline.