I know many lotteries issue winnings as annuities (often with a lump-sum alternative, I know). But I’m surprised they don’t switch entirely to annuities simply

I know many lotteries issue winnings as annuities (often with a lump-sum alternative, I know). But I’m surprised they don’t switch entirely to annuities simply because it avoids all the bad PR the lottery gets from people who mismanage the money. It’s probably better for the economy too as it’s harder to irresponsibly spend $20k every month for the rest of their lives than a $10m one-off payment: thus maximising utility of money.