The lump sum can be a smart move if you invest a large portion of it immediately in something that will pay out a greater return than the annual payments. If you had an account that compounded interest at a conservative 4% APR once per year and put in 200 million, you'd have 648 million by the time the lotto payed you out the 533 million over 30 years and you'd still have 133 million cash in your pocket.