The Minnesota State Lottery brings large proceeds to the state. This year’s lottery revenue that will go to the public purse is going to top last years’ levels.
Unclaimed Prize Money Replenish State Treasury
In Minnesota, the situation on the lottery market is a pretty good. Last year, the sales for the lottery were the second-highest in its history and brought about $547 million in profit. The State’s revenue from the amount – $135.3 million – hit a record.
Ed Van Petten, the lottery director, commented on that by saying that the state lottery revenue was at most caused by strong sales of scratch-off games. He also added that the interest in PowerBall seemed to be waning.
Interestingly, a short while ago, the state lottery has changed its policy on information for winning a lottery after a great many big prizes have gone unclaimed. According to the new policy, lottery officials will unveil information on the name and address of the agency where a winning ticket has been sold.
The new policy came into force when a $1 million ticket went unclaimed in Minnesota. In response to the event, Rep. Joe Atkins backed legislation to disclose more information on winning tickets, hoping that it will jog a buyers’ memory and prompt them to check their lottery tickets. Previously, the lottery officials only revealed the county where winning tickets were purchased.
Importantly, winners have one year to claim their prize. Once this period expires, the money goes to the state’s General Fund.Minnesota State Lottery Is on Track for Record Year,