Payouts Over $25,000 “Will Experience A Delay” As Powerball Pulls Out Of Illinois Today
by Tyler Durden
ZeroHedge.com
Jun 28, 2017
As if Illinois didn’t have enough to worry about between an imminent downgrade to junk (as soon as July 1), soaring debt costs, insolvent pension funds, and roads that may soon resemble the lunar surface, today in the latest insult to a relentless series of injuries, the lottery itself, including the popular Powerball and Mega Millions, is set to dump Illinois because the state literally can’t afford to payout winners.
As we pointed out a few weeks ago, Illinois Lottery spokesman Jason Schaumburg confirmed that the association has had discussions since 2015 about dropping Illinois, but this is the first time the group has taken action. He called it “another example of why the General Assembly needs to deliver a balanced budget to the governor.”
According to WGN9, Powerball sales in Illinois will be cut off tonight and Mega Millions will follow on Friday.
Here is what the suspension of ticket sales means for Powerball…
Powerball sales in Illinois will be suspended at 9:00 p.m. June 28, 2017.
All Powerball tickets purchased before that cut-off time will be valid tickets.
All active Powerball subscriptions will be cancelled after the last draw on June 28. The Lottery will issue refunds to players for the remaining length of their subscriptions.
When a Fiscal Year 2018 appropriation for the Illinois Lottery is passed, the Lottery will work with the Multi-State Lottery Association to determine a path for the return of Powerball sales. The timing is unknown.
No other Illinois Lottery games will be suspended.
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