Has the lottery ever failed to pay annuity?

Reply #9

KY Floyd — Tue, 16 Apr 2013 04:44:11 GMT

Lottery prizes are offered by the state lotteries, and the state lotteries are responsible for making sure that winners are paid. It's possible that a state lottery has bought an annuity from a private firm that was unable to make the payments, but if that ever happened the state lottery would then be responsible for making the payments.

Reply #8

GASMETERGUY — Mon, 15 Apr 2013 13:43:43 GMT

I was hoping a member would clarify my previos post. Whereas I believe Illinois is the State involved, I could be mistaken. And I would like to know the outcome of the legal suit.

And I believe the game involved was not PB or MMbit but Illinois' P6 game.

Reply #7

noise-gate — Sun, 14 Apr 2013 21:02:49 GMT

Cannot happen with the major ones - MM/PB.Others l know not of.

Unlike a bank which only pays you out up to $100, 000 if it bellies up. Had you put $200, 000 in that bank- your other $100, 000 is history and gone forever like it never existed. Motto being: Never put all your eggs in one basket..or one bank.

That's a fact Jack.

Reply #6

redhot7 — Sun, 14 Apr 2013 20:56:14 GMT

Nowadays, is lottery restricted to invest only at US Government Bonds instead of a private company

Reply #5

GASMETERGUY — Sun, 14 Apr 2013 20:50:43 GMT

Yes, many long years ago. When annuity was the only way the jackpot was awarded, Illinois gave the money to some private investment firm. This firm went bankrupt a few years later, leaving the Lotto winner holding an empty bag. The winner sued the lottery commission. I have no idea how the case was decided but I would wager my next powerball ticket the winner left court holding an two empty bags.

Reply #4

BobP — Sun, 14 Apr 2013 20:45:18 GMT

I have never heard of an official government run lottery failing to buy an annunity for their jackpot winner.

I have never heard of an annunity company failing to make payments to the winner except where the court has ordered back taxes, child support, welfare payments to be subtracted, etc.

In my opinion much of what could happen would be dependent on the contract agreed to and the official rules of that particular lottery (not the partial stuff on the website).

There is the o... [ More ]

Reply #3

helpmewin — Sun, 14 Apr 2013 20:37:47 GMT

I Like the idea of annuity payments that way i get all the winnings and not just Half whoa i am getting excited about that right now.

Reply #2

redhot7 — Sun, 14 Apr 2013 20:34:38 GMT

Ooops, my bad. You are right. I meant pay and not play.

Reply #1

helpmewin — Sun, 14 Apr 2013 20:29:51 GMT

you mean pay? Not that i know of

Has the lottery ever failed to pay annuity?

redhot7 — Sun, 14 Apr 2013 20:04:07 GMT

Have they ever failed to play annuity to lottery winners through no fault of the winners?

Please note that I am only interested in historical facts of this very question and not a political discussion.