Fake Winning Lottery Ticket Causes Ecstasy -- Then Fury. What Now?

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The fact that this was part of a Yankee Swap makes this joke particularly lame. Unless it's understood by all that gag or cheap gifts are allowed, then whomever gets this gift not only gets suckered into the gag, but they also don't get a real item to keep, despite having spent $15 or $20 on a gift which they donated.

Conclusion: Your cousin is a douchebag.

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My family does one of these exchanges every year. Gag gifts are always part of it and expected. It's one of the reasons you 'steal' somebody's gift instead of going back under the tree and risking a gag gift.

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my cousin (the black sheep of the family, really)

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I think if I got a $10k ticket from this guy I would immediatly think something was up before getting excited.

All that being said I think it's still a dick move not to have stepped in right away when seeing how excited they got. Waiting 15 minutes is definitly a cruel thing to do considering how excited it sounds like your sister-in-law got.