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How LOW can ILLINOIS Go -- Pretty LOW

Topic closed. 36 replies. Last post 1 year ago by realtorjim.

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garyo1954's avatar - garyo
Dallas, Texas
United States
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May 2, 2004
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Posted: October 15, 2015, 2:09 pm - IP Logged

My question was and still is. Who controls the lottery revenue? How many different hands are in the till? That money should never be used , except for paying the lottery winners. This is just like the Social Security fund, the Transportation fund, together those trust funds, each and every year has surplus in the billions. The boys in Washington, raid the funds each and every year.

That's a good question Bob. Seems like the people running the state would be smart enough to designate the release of funds to the lottery commission since the lottery was put in place to help fund education and pay winners.

Maybe they should hand over the check writing to a few math teachers who can actually add, subtract, and multiply instead of state employees who are  getting paychecks to say, "Here's your IOU."

Been out of the loop for the last couple of days fixing some programs. Need to get al the stuff you sent into the Win7 machine and look at it in Excel. These puters have Libre office (good but not as good as Excel).

My greatest accomplishment is teaching cats about Vienna Sausage. When I need a friend, all I need do is walk outside, pop open a can, and every little critter in the neighborhood drops by to say "Hi!"

    veganlife125's avatar - Lottery-061.jpg

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    May 18, 2013
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    Posted: October 15, 2015, 2:19 pm - IP Logged

    States bankrupting are going to be coming sooner rather than later. 

    STATES don't have the federal reserve bank like the congress does printing all the money they need(inflation) to cover their bills(bribe promises to the voters to get elected) above taxes and bonds.

    I cant see why anybody would be holding state bonds or city bonds.  Bond investors are going to be taking a huge hit on the principle of these bonds when the big pull back hits. 

    To many employee pension checks for not working is the big problem and the state medicade programs.  Of course if you try to cut them as a politician you will lose your next election.  Blame the voters.  The bond holders will take the loss.

    Don't forget to visit the Lottery Post Gift Shop!

      savagegoose's avatar - ProfilePho
      adelaide sa
      Australia
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      April 11, 2006
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      Posted: October 15, 2015, 3:14 pm - IP Logged

      muni bonds not going to get paid? maybe the lotto has  a huge pile of money tied up in muni bonds, and SOP was to roll them over redeeming when ever they needed a big payout.

      2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

      keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

        Avatar
        Wyomissing, PA
        United States
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        November 15, 2014
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        Posted: October 15, 2015, 4:55 pm - IP Logged

        Illinois Lottery situation has gone from bad to worse. First it was $25,000, now $600... soon $100? If they can't even pay out $601+ prizes, maybe the money really isn't all there. The Illinois Lottery saga strongly suggests that some lotteries operate on shaky financial foundations; prevalent corruption.

        While I generally discourage out of state lottery purchasing, IL lottery players would be wise to stop playing or buy out of state. Getting hit with some extra tax due to an out of state win beats not getting paid at all and/or playing a corrupt lottery game in which the odds of winning may far worse than advertised.

        On a related topic, this further illustrates the danger of taking a lottery annuity. While many assume lottery winnings are government backed, that's not necessarily so. Many lotteries consider annuities contractual obligations - well, contracts get broken, re-worked, etc all the time. Wouldn't put trust in that...

        Better to take the cash payout and the tax hit upfront, verses later getting hit with a lottery surtax (that actually happened briefly in New Hampshire) and/or future annual payments being reduced / not paid due to budget problems, insolvency, martial law, etc.

          LiveInGreenBay's avatar - driver
          Green Bay
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          Posted: October 15, 2015, 5:14 pm - IP Logged

          obama came from Illinois...Nuff said.

          Never give up.  Banana

            MADDOG10's avatar - smoke
            Beautiful Florida
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            Posted: October 15, 2015, 5:24 pm - IP Logged

            The only way the people of Illinois are going to be able to counter this and make it right is to:

            "   STOP PLAYING THE LOTTERY, UNTIL THEY OPEN THEIR EYE'S   " ...

            Believe me, after a week they'll wonder what hit them....!   STOP PLAYING THE LOTTERY...

                                                         

                                                           " You can not control the Wind, but you can direct the Sail "

              Drenick1's avatar - villiarna
              USA
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              February 25, 2014
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              Posted: October 15, 2015, 5:58 pm - IP Logged

              The only way the people of Illinois are going to be able to counter this and make it right is to:

              "   STOP PLAYING THE LOTTERY, UNTIL THEY OPEN THEIR EYE'S   " ...

              Believe me, after a week they'll wonder what hit them....!   STOP PLAYING THE LOTTERY...

              I agree! the only problem is that there are lottery players who rarely read the news or watch TV. I doubt any of the retailers are warning them about the current crisis.

                savagegoose's avatar - ProfilePho
                adelaide sa
                Australia
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                Posted: October 15, 2015, 6:20 pm - IP Logged

                as i posted in other thread. the $600 is paid by store owners!  so basically state lotto is taking in money nad not paying bills. the store owners should refuse to pay any prizes. and keep the cash.  tell ticket holders to send them or take them to state lotto headquarters for redemption  The balance  of any money owed can be paid to the trustees of state lotto bankruptcy

                2014 = -1016; 2015= -1409; 2016  = -1171; 2017 = ?  TOT =  -3596

                keno historic = -2291 ; 2015= -603; 2016= -424; 2017 = ? TOT = - 3318

                  mypiemaster's avatar - 2015021003pileofcash
                  JACKPOT HUNTER

                  United States
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                  Posted: October 15, 2015, 6:57 pm - IP Logged

                  Stop paying all state officials and this so-called problem will quickly fade away for now.

                  Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                  Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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                    Kentucky
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                    February 14, 2006
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                    Posted: October 15, 2015, 8:40 pm - IP Logged

                    Place the blame where it belongs, not the Illinois Lottery, who is being victimized as much as the Illinois Resident's.

                    The Illinois General Assembly failed to pass a balanced budget for the new fiscal year, which starts on July 1. That means the state cannot spend money on any programs or services requiring an annual appropriation. There's a lot of uncertainty about what this means, with predictions ranging from "most people won't notice" to "Armageddon".

                    Even though it's obvious the problem is with the General Assembly, several LP members are still blaming the Illinois Lottery as are the Illinois players. Because of other priorities, the Lottery will probably be the last agency funded when they do finally pass a budget.

                      Romancandle's avatar - moon
                      Upacreek
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                      Posted: October 15, 2015, 9:30 pm - IP Logged

                      Even though it's obvious the problem is with the General Assembly, several LP members are still blaming the Illinois Lottery as are the Illinois players. Because of other priorities, the Lottery will probably be the last agency funded when they do finally pass a budget.

                      Stack 

                      how can the lottery not be held accountable too?  Yes, the state comptroller can't cut checks it's not authorized too... But the lottery can keep selling as if nothing is wrong?  I can understand lapsing a few weeks... But there's no end in sight here.

                      BS

                      -RC

                        LottoMetro's avatar - Lottery-024.jpg
                        Happyland
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                        September 1, 2013
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                        Posted: October 15, 2015, 10:05 pm - IP Logged

                        Illinois Lottery situation has gone from bad to worse. First it was $25,000, now $600... soon $100? If they can't even pay out $601+ prizes, maybe the money really isn't all there. The Illinois Lottery saga strongly suggests that some lotteries operate on shaky financial foundations; prevalent corruption.

                        While I generally discourage out of state lottery purchasing, IL lottery players would be wise to stop playing or buy out of state. Getting hit with some extra tax due to an out of state win beats not getting paid at all and/or playing a corrupt lottery game in which the odds of winning may far worse than advertised.

                        On a related topic, this further illustrates the danger of taking a lottery annuity. While many assume lottery winnings are government backed, that's not necessarily so. Many lotteries consider annuities contractual obligations - well, contracts get broken, re-worked, etc all the time. Wouldn't put trust in that...

                        Better to take the cash payout and the tax hit upfront, verses later getting hit with a lottery surtax (that actually happened briefly in New Hampshire) and/or future annual payments being reduced / not paid due to budget problems, insolvency, martial law, etc.

                        Yeah, this has me curious too. I'm assuming they are still paying out $600 because retailers are reimbursed on a periodic accounting basis, unlike the higher prizes which are claimed and paid on the spot everyday. They probably hope the budget is resolved before they have to start cutting checks to retailers, or they have a loophole by simply deducting the prizes from sales for each retailer.

                        If the chances of winning the jackpot are so slim, why play when the jackpot is so small? Your chances never change, but the potential payoff does.
                        If a crystal ball showed you the future of the rest of your life, and in that future you will never win a jackpot, would you still play?

                        2017: 0% (0 tickets)
                        P&L % = Total Win($)/Total Wager($) - 1

                          butch2030's avatar - DiscoBallGlowing
                          The KEY ingredient is Combos & Patterns
                          Elgin, IL
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                          January 1, 2009
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                          Posted: October 15, 2015, 11:19 pm - IP Logged

                          Illinois Lottery situation has gone from bad to worse. First it was $25,000, now $600... soon $100? If they can't even pay out $601+ prizes, maybe the money really isn't all there. The Illinois Lottery saga strongly suggests that some lotteries operate on shaky financial foundations; prevalent corruption.

                          While I generally discourage out of state lottery purchasing, IL lottery players would be wise to stop playing or buy out of state. Getting hit with some extra tax due to an out of state win beats not getting paid at all and/or playing a corrupt lottery game in which the odds of winning may far worse than advertised.

                          On a related topic, this further illustrates the danger of taking a lottery annuity. While many assume lottery winnings are government backed, that's not necessarily so. Many lotteries consider annuities contractual obligations - well, contracts get broken, re-worked, etc all the time. Wouldn't put trust in that...

                          Better to take the cash payout and the tax hit upfront, verses later getting hit with a lottery surtax (that actually happened briefly in New Hampshire) and/or future annual payments being reduced / not paid due to budget problems, insolvency, martial law, etc.

                          "While I generally discourage out of state lottery purchasing, IL lottery players would be wise to stop playing or buy out of state. Getting hit with some extra tax due to an out of state win beats not getting paid at all and/or playing a corrupt lottery game in which the odds of winning may far worse than advertised."

                          If you buy your tickets in another state. You pay state tax to that state and not your home state.  If I buy my winning ticket in WI, I file a Federal Return, & two State Returns. One for earned income in the St of IL & another for the earned income in the ST of WI where I bought my ticket.  You have to file where you earned your income.  By buying your ticket in another state - (say WI), IL in my case loses out on the revenue of the sale & does not collect any taxes on the winning.  The state that sold the ticket will make out on both revenue from the sale of the ticket & reap the state tax from the winner.  By buying my ticket in WI, I pay a state tax of 5% vs  a 6.125% tax if I bought my ticket in IL.  The difference of 1.125% tax turns into Millions if a Jackpot Prize is over 100 Million dollars.  Look at it this way- If I won a MM Jackpot worth 300Million I would save myself over 3 million dollars by buying my ticket in WI vs IL.

                            Avatar
                            Kentucky
                            United States
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                            February 14, 2006
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                            Posted: October 16, 2015, 11:54 am - IP Logged

                            Stack 

                            how can the lottery not be held accountable too?  Yes, the state comptroller can't cut checks it's not authorized too... But the lottery can keep selling as if nothing is wrong?  I can understand lapsing a few weeks... But there's no end in sight here.

                            BS

                            Prizes over $600 are now getting IOUs too so it's really a player's decision whether or not to play. The lottery is a state agency and subject to the same rules as other agencies so if people continue to play, they must wait to be paid.

                              mypiemaster's avatar - 2015021003pileofcash
                              JACKPOT HUNTER

                              United States
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                              Posted: October 16, 2015, 9:34 pm - IP Logged

                              Prizes over $600 are now getting IOUs too so it's really a player's decision whether or not to play. The lottery is a state agency and subject to the same rules as other agencies so if people continue to play, they must wait to be paid.

                              I Agree! IF you play in Illinois, you are affirming the notion that you are willing to get HOSED. Just drive to another state and buy maybe multiple draws ticket/s. Do not become a willing participant in this political game of  Agree with stupid.

                              Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                              Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****