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State Lawmakers Eye Unclaimed Lottery Jackpots

State Lawmakers Eye Unclaimed Lottery Jackpots

Across America states are struggling with a tough budget year and state lawmakers are now looking towards unclaimed jackpot prizes as a way of making some cash.

State Lawmakers Eye Unclaimed Lottery Jackpots

With more cuts being made to state budgets, lawmakers are beginning to look to unclaimed lottery prizes to help make up the deficit.

There have been some huge jackpots left unclaimed in recent years. In 2011 a $77 million Powerball jackpot was left unclaimed in Georgia.

In Illinois officials are searching for the winner of $1 million which will expire in March and in Britain there are seven jackpots, each worth $1.3 million, which will expire between March and July.

When the prize deadlines passes, lottery commissions usually put the money towards future prizes or general state revenues.

Now, in Albany a New York Senate committee is considering transferring unclaimed money to a summer reading program.

In Wyoming lawmakers are trying to setup a new state lottery agency and the unclaimed prize money has become the subject of a power struggle with members arguing over which causes should benefit from it.

Over the last ten years the amount of unclaimed money has been increasing, it was highest in 2010 at $86 million. As states continue to struggle with shrinking budgets, competition for the money is sure to increase.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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