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.

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 College Reviews.