Kentucky’s lottery winner has weighed in on the state lottery’s potential payout formula and is urging lottery winners to take more time to work out their financial situation.
Scott Richey, a Kentucky Lottery commissioner, said that in a state where the median family income is about $60,000, a lottery winner should not be paid for all the hours he or she worked.
Richey said he was surprised by how many lottery winners are still struggling to make ends meet after winning a prize.
“Some of them may not even know what they’re making, so we’re talking about thousands and thousands of dollars,” he said.
“If I had a dollar for every lottery winner, it would be a million dollars.
I’d like to see more people take time off from work and not just pay for the ticket.”
Richely said the state should be more concerned with the long-term financial well-being of lottery winners.
He said the average family income for a lottery ticket holder is $60.16 million.
The median household income in Kentucky is about the same as the national average, $58,500.
The Kentucky Lotteries Board of Governors will hold a meeting next week to discuss the lottery’s compensation formula, including what kinds of lottery tickets winners should receive.
Raineys office said he will be releasing a report on the lottery later this month.