Illinois Is Handing Out IOUs For Lottery Ticket Winners

Illinois Lottery IOU

Illinois is strapped for cash.

The state is now issuing IOU’s for lottery winners who want to claim a prize over $600.

The IOU tells lottery winners that they will receive their larger prize when the state solves its long-running budget crisis.

Illinois Lottery spokesman Steve Rossi blamed the hold-up on “the ongoing budget stalemate in Springfield,” the state capital. “Once a budget is passed, all outstanding claims will be paid.”

In July the state capped its payouts at $25,000.

Up until Oct. 15, winnings between $600 and $25,000 could only be cashed in at the state’s lottery claims centers.

Rossi now claims the state has “exhausted” its ability to make payments over $600.

The state is still advertising the Illinois Mega Millions jackpot which is currently $84 million and a Powerball which has climbed to $80 million.

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Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies. He can be reached at Student Loan Ninja.