Illinois Lottery lost $125 million in 2014

The state of Illinois has fired the private company that was managing its state lottery and lost $125 million for the state a year ago.

According to Barclay, taxpayers win in the new deal, as it would save them $22 million. It also cited that an earlier termination agreement beaten up by then-Gov.

Under the agreement, a new private manager will take over the daily operations of the Illinois Lottery by January 1, 2017.

Northstar, which was hired in 2010 to increase sales and profits, has been under criticism for several years for its management style.

The agreement also specified that Northstar’s replacement will be facilitated with the freedom to choose its own suppliers, according to the news.

A bill approved by the state Senate last week would now pay them. It said Northstar has consistently failed to meet profit targets, has gone to arbitration with the state numerous times, repeatedly paid penalties for not meeting targets and failed to expand the number of lottery retail outlets as promised.

The bipartisan Commission on Government Forecasting and Accountability’s report shows that the amount of lottery money available for state programs dropped by $125 million during the fiscal year that ended June 30.

The Illinois Lottery is refusing to issue checks to Lottery winners, including the $262 million MegaMillion jackpot victor.

The Chicago Tribune also adds that, under the new termination agreement, the state would also have to pay less in fees to Northstar Lottery. “This agreement will save the taxpayers hundreds of millions of dollars while allowing the Lottery to select a new partner that will help the agency grow and better serve its customers”.

The State will immediately begin the search of a new private manager, according to the press release.