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That's a misbelief, most lottery winner do just fine long after winning. We just only hear about the ones who go broke because that's report worthy.
And it's almost impossible to go broke with winning 1 billion. Even if you are only left with "only" 500 mil after taxes, and you manage to lose 99% of that, you are still left with 5 million. Which is still enough to have a comfortable life.
This jackpot was $1.3B. If they take the cash payout instead of the annuity that immediately reduces to $621M. They'll owe 37% on that (well 37% on the vast majority in the top tax bracket) for the year to the IRS. And then it looks like 8% to the state of Oregon. So somewhere around $341M. Still an unimaginable sum.for most. Just wanted to clarify because I think a lot of people assume the "cash value" is post-tax.
It may be true, if only because "winning the lottery" can also include the smaller prizes, and then by number there are a lot more of those, so half goes a long way...