If you choose not to cast a card with madness when the madness triggered ability resolves, it's put into your graveyard. Madness doesn't give you another chance to cast it later.
Psychotic Episode
A card with madness that's discarded counts as having been discarded even though it's put into exile rather than a graveyard. If it was discarded to pay a cost, that cost is still paid. Abilities that trigger when a card is discarded will still trigger.
A spell cast for its madness cost is put onto the stack like any other spell. It can be countered, copied, and so on. As it resolves, it's put onto the battlefield if it's a permanent card or into its owner's graveyard if it's an instant or sorcery card.
Magic: The Gathering · ™ & © Wizards of the Coast · Illus. Drew Tucker
Card data via Scryfall. Rarix is fan-made; not endorsed by the rights holders.
