Mon 03/30/20

Lottery Winners Have Left Almost One Billion Dollars On The Table

Most lottery players think that winning the game is the hard part, but it seems for some that remembering to collect their money is actually much more difficult! Statistics recently published by the Betting, Gaming and Lotteries Commission (BGLC) have unveiled more than 890 Million in cash prizes won by players between April 2006 and March 2011 through the lotteries offered by Supreme Ventures Limited (SVL) which did get collected by the winners over the last five years.

As a condition of their government license, all unclaimed winning lottery money is split up equally between SVL and the Culture, Health, Arts, Sports and Education (CHASE) Fund which is owned by the state and manage the funding from the lottery companies pursuant to Section 59G of the Betting Gaming and Lotteries Act for the public good.

"A winning ticket can be claimed up to 90 days after the draw" said Derek Peart, executive director of the BGLC. "After that period, it is bonus time for the company and the CHASE Fund."

The extra cash is put to use by the government agency for worthy causes and according to Carlene Edwards, senior corporate communications officer at SVL, the lottery usually uses its 50% share of the unclaimed prizes for additional marketing and promotion.

The moral of this story is quite simple. Winning a lottery is nice, winning a jackpot prize is even better... but failing to collect the cash you win makes all your hard work pointless. Check your numbers every day and when you win big, don't hesitate to collect the funds immediately!