123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

What Happens To Unclaimed Lottery Money

Profile Picture
By Author: Nicole Anderson
Total Articles: 82
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Unclaimed lottery money is a phenomenon which defies logic for most of the people. It's a fact that the volume of unclaimed lottery money has been increasing with each passing day. Hundreds of cases of unclaimed lottery jackpots have come to light, and the owners of these tickets have been unsuccessful in staking a claim to their funds because of the existing lottery laws.
Authorities realize the value of a practical legislation which is pro-consumer and which enables the owner of a jackpot to redeem their prize at any point of their life. New legislation has been enacted to enable the winners of lotteries stake a claim to their winnings. A majority of the states have enacted laws which assist the owners of unclaimed Lottery tickets in claiming their unclaimed lottery wins without any bureaucratic tape. This law will help the government to utilize the lottery funds for welfare purposes if there is no claim for a long time.
In the case of popular lottery games like Powerball, which are administered by a a centralized lottery commission, each state has established its ...
... own set of rules regarding lottery winnings, and the state authorities are also responsible for managing the unclaimed lottery money. When a lottery draw happens, the Powerball officials determine first if there was a winner, and then in what state the winning ticket was purchased. The winnings are then distributed to the state lottery commission, who is responsible for getting the cash to the winner.
Each state has its own unclaimed lottery laws regarding how long that money can sit before the winner forfeits their chance, and the time given to winners to claim their prize varies extremely widely. Much debate has been going on at all levels of government as to the most reasonable time frame before the lottery win can be branded as unclaimed. In some states, winners have only 90 days before their ticket is considered invalid, and in other states, winners can take up to a year to claim their cash. This extreme disparity between the state lottery guideline and claim period has given rise to the demands of a universal blanket law which will enable the winners of lotteries to stake a claim to the win for a reasonably long period of time irrespective of the state the lottery was purchased.

Many of the states have enacted new lottery laws in order to deal with the logistical and administrative burden of unclaimed lottery money. The state of Arkansas has seen a new Lottery legislation recently. Under the terms of this new Bill, unclaimed winnings will go to a fund which will then assist programs and projects aimed at helping the personal and social development of persons who are economically or socially disadvantaged. In addition, the funds generated from unclaimed lottery wins will also be utilized to support the education of citizens who are economically under-privileged and persons with a disability.

The Bill will see all winnings which are unclaimed by the winning party in a period of 12 months from the date they became claimable, paid into the Unclaimed Winnings Fund. Service providers, such as bookmakers and lottery operators, will be required to keep a register of unclaimed winnings.
Similarly, states like Connecticut, New York and New Jersey have taken steps to increase the claim period, and now the players can claim their lottery winnings for up to a year. Connecticut also allows people to file lost ticket claims and investigate whether the prized ticket might, for instance, have actually been eaten by a dog.

Total Views: 296Word Count: 601See All articles From Author

Add Comment

Business Articles

1. Seo Services For Small Business Indore: Boost Your Online Presence
Author: ayraphics

2. Women’s Tank Tops, Dresses, And Skirts In Encinitas, San Diego California
Author: Vikram kumar

3. Top Reasons To Use A Local Print Shop In San Francisco
Author: Bay Print Solutions

4. Quaker Oats Data Analytics On Amazon - The Oatmeal Deal Case Study
Author: Actowiz Metrics

5. Dubai Free Zone – A Hub For Business Growth And Global Opportunities
Author: David

6. What Is A Home Loan Calculator?
Author: Shreya Eppili

7. Using An Emi Calculator To Set Your Personal Loan Tenure During Application
Author: Shreya Eppili

8. Extract Wine Pricing Data Across Global Markets For Insights
Author: Den Rediant

9. Why A Tactical Picatinny Rail Forend Takes Your Remington 870 To The Next Level
Author: Slade Street Tactical

10. Powering Your Social Media Growth With Affordable Marketing Panels
Author: Smm Panel

11. Documenting Your Iso 50001 Procedures Effectively
Author: Sarah

12. Powering Progress With Quality Transformers– Kanyaka Parameshwari Engineering Pvt. Ltd
Author: Ojeshwani1

13. Cas No: 85118-00-9 Manufacturers
Author: vasista

14. How To Create Custom Clothing Online Without Compromising On Quality
Author: Guangzhou Beianji Clothing Co., Ltd

15. What Should You Know About Flat Roofing In Barrie?
Author: Ryan Seacrest

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: