IL lotto winners may get IOUs from the state

by Antonio Miles July 1, 2017, 0:31
IL lotto winners may get IOUs from the state

As the state credit rating risks being downgraded to junk status, leaders met this week behind closed doors for the first time since early December to try to hammer out a preliminary agreement. That's because, even if they win in IL, chances are they might have to wait a while before being able to get their money. The lottery suspensions will occur after the June 28 Mega Millions drawing and the June 30 Powerball drawing.

According to the Chicago Tribune, the IL lottery will stop selling Powerball tickets at 9 p.m. on Wednesday, June 28, and will cease the selling of Mega Millions tickets by 9:45 p.m. on Friday, June 30. They say they have the money to pay winners, but need to wait for a budget that includes lottery funding.

IL state lawmakers haven't passed a budget for two straight years. The timing is unknown. If and when that fiscal 2018 appropriation is passed, sales for Mega Millions will resume as well, it said.

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The state has been down this road before, sort of.

"I have a lot of regulars who come in just to buy lottery tickets so it's definitely going to affect my business". Within a month of receiving an appropriation, all valid claims were paid to winners.

The Chicago Tribune reported that as of 9 p.m. Wednesday the Illinois Lottery stopped selling Powerball tickets, and by 9:45 p.m. Friday it will stop selling Mega Millions tickets - until lawmakers and Gov. Bruce Rauner finalize at least an agreement to let lottery payouts go forward. About 40% of each comes back to IL in revenue. Illinois Lottery officials noted that they have contributed $19 billion to the Common School Fund to assist K-12 schools since the fund was started in 1985.

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