Making up to one-third of total revenue, the Illinois Lottery makes a big impact on local businesses.
Illinoisans definitely did not abandon vices during the pandemic.
Agree with the method of otherwise, there’s no denying Illinois citizens are voting with their wallets.
A total of $1.358 billion in fiscal 2021 state tax revenue was received between the lottery, casinos, video gaming, sports betting and horse racing. The Illinois Lottery registered sales of $3.41 billion in 2021, up more than $600 million from 2020.
It’s not just the Illinois Lottery driving the revenue bus. Gaming machines posted a record $1.93 billion in net terminal income from $23.3 billion wagered in fiscal year 2021, a 21% increase from the previous record in fiscal year 2019.
That’s why municipalities around the state are looking to take their share of those proceeds. They’re seeking additional slices, and businesses with the machines are anxious to protect meager profit margins. They only need to point to closed doors of restaurants around the state to illustrate their point.
But there are a number of cities where driving a mile without passing a venue housing gaming machine is an impossible task. The state has surpassed 40,000 video gaming terminals, doubling the total in operation just six years ago. Springfield leads the state in terminals with 736, followed by Rockford (541), Decatur (498), Joliet (436) and Loves Park (380). Decatur ranked first in income generated from the machines at $38.8 million, followed by Rockford, Springfield, Waukegan and Cicero. Bloomington, Champaign and Peoria also cracked the top 10.
Gaming machines are expected to continue to grow in use and popularity. In addition, Illinois has just scratched the surface of its potential for sports gambling.
Gambling is the most classic of double-edged swords when legalized. The revenue helps considerably. Imagine the howls of trying to replace $1.3 billion in the state budget, or imagine what wouldn’t be getting paid for without the multiple forms of legalized gambling.
Over every possible objection, Illinois continues to vote with its wallet.
Everyone would like to win the lottery, but what if YOU actually WIN?? 💰
Secure your ticket
Make several copies of both sides to show your new lawyer and accountant, then lock the actual ticket in a bank safe deposit box or a secure personal safe.
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Take a deep breath and take your time
You have a set amount of time to turn in your ticket — make sure you know what that is — so don’t run off to the lottery office first thing the next day. Work carefully to form a team of advisers and make your plans first.
Protect your privacy
As tempting as it may be to post the news on social media, keep it as much to yourself as possible, especially before turning in your ticket.
Put together a team
You’re going to need a lawyer, accountant and financial adviser who have experience with large financial transactions — finding and interviewing them should be one of your first priorities.
Make a general plan
Before you start forming specific financial plans with your advisers, step back and think big-picture about what you want from this money. Write down your personal, financial, lifestyle, family and charitable goals.
Plan for beyond
Sadly, winning the lottery is unlikely to also make you immortal. Work with your team to plan your estate, including your will, so your family is taken care of if something happens to you.
Bank it
Don’t show up at the cashier counter with a check for millions — talk to the bank’s upper management or private banking department ahead of time to discuss the best options for holding large amounts of money.
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September 24, 2021 at 10:16PM
Illinois Delivered 