Texas Lottery reports record-breaking 2013
The Texas Lottery Commission today reported record results for fiscal year 2013, its best year for sales and revenue in the Lottery's 21-year history.
Sales of $4.376 billion topped the previous sales record of $4.19 billion set in 2012 and resulted in a total contribution of $1.214 billion to the state of Texas, the Lottery's single largest transfer of revenue to the state, including a contribution of $1.149 billion to the Foundation School Fund.
This is the 10th consecutive year that th ...
Nov 19, 2013, 6:29 pm - Lottery News forum
Pa. Gov. extends lottery privatization contract
Gov. Tom Corbett's administration will continue its examination into the privatization of the management of the Pennsylvania Lottery for two more months.
The administration announced Tuesday that United Kingdom-based Camelot Global Services has agreed for an 11th time to extend its bid's expiration date, which was set to expire today. It now is good through Dec. 31.
Camelot, the lone company to submit a bid, committed to generating $34.6 billion in profits to fund lottery-funded programs f ...
Oct 30, 2013, 11:30 am - Lottery News forum
Pa. Gov. defends lottery privatization exploration
If privatizing the Pennsylvania Lottery's management isn't the answer to ensuring reliable and predictable funding for programs for older Pennsylvanians, what is?
That's the question that a spokesman for Gov. Tom Corbett raised in responding to state Treasurer Rob McCord call on Monday to pull the plug on the administration's lottery private management agreement (PMA) pursuit.
Our need is outpacing our ability to fund those programs, said Corbett press secretary Jay Pagni. The PMA is a ve ...
Oct 29, 2013, 8:10 am - Lottery News forum
Pa. Lottery privatization pursuit nears another deadline
Treasurer Rob McCord urges Corbett to drop the idea
The price tag for exploring Gov. Tom Corbett's idea for outsourcing management of the Pennsylvania Lottery has crossed the $4 million threshold and is marching toward the $5 million mark.
Recent revisions to the contract with the administration's outside legal advisers, DLA Piper, alone now allow it to be paid as much as $3.4 million.
That is up from the original $375,000 cap set when the firm was hired in March 2012 and has steadily r ...
Oct 28, 2013, 8:45 pm - Lottery News forum
Ireland National Lottery to be sold for €405M
An Post and the operators of the UK National Lottery are in line for a 405m (US$551.6 million) buyout of the Ireland National Lottery after Public Expenditure Minister said the consortium was the preferred applicant.
Brendan Howlin said the bid by Premier Lotteries Ireland, a consortium consisting of An Post and its pension funds and the Camelot group who operate the UK lottery, had met the Essential Requirements and has submitted the highest License Fee proposal .
Discussion on finalizing ...
Oct 3, 2013, 4:27 pm - Lottery News forum
Lottery winner sues advisors for poor policies
What do you buy when you win the lottery? An exotic new car? Likely. A sprawling luxury home? Sure.
Life insurance? Not so much.
A young, unmarried grocery store worker, with no children, won half of a $336 million Mega Millions jackpot and did just that: bought a $100 million life insurance policy. Now he is suing the financial advisors who sold him the policy, along with other investments that encouraged him to assume tens of millions of dollars in debt, according to the Courthouse News ...
Sep 27, 2013, 1:30 pm - Lottery News forum
Twelve things not to do if you win the lottery
Imagine becoming vastly wealthy overnight. Being a winner of a multimillion dollar lottery has to be incredible. It certainly is going to be a life-changing event for almost every single lottery winner. But what about when the prize is an astronomical sum of $100 million, $200 million or $300 million? If you happen to be lucky enough to win a lottery, please avoid some of the simple mistakes, and complex mistakes, that have taken other lottery winners into bankruptcy.
Imagine being Joe Somebo ...
Aug 27, 2013, 6:47 am - Lottery News forum
State auditor should examine Colorado Lottery, says lawmaker
A state senator Monday called for the state auditor to examine the Colorado Lottery's grossly unacceptable performance and systemic pattern of distracted management.
Sen. Steve King, vice chairman of the legislative audit committee, also said he plans to file a bill taking lottery oversight and management away from the state revenue department.
I want to do all the research and see what other states are doing, but I think I will find an independent commission is in the best interests of ...
Jul 23, 2013, 4:16 pm - Lottery News forum
Wyoming lottery to reap estimated $20 million in first year of ticket sales
The Wyoming Lottery Board estimates it will get $20 million from ticket sales in the first year of the state's legal games of chance, which are now targeted to start February 2014.
The board Friday evening reviewed a preliminary budget that considered the $20 million figure, which was based on estimates the lottery industry provided the Wyoming Legislature, said Brian Scott Gamroth, lottery board chairman. The law that legalized lottery in Wyoming requires 50 percent of ticket sales be return ...
Jul 15, 2013, 7:27 pm - Lottery News forum
Fla. Lottery sales top $5 billion for first time
The Florida Lottery topped $5 billion in sales for the first time during the fiscal year that ended June 30, the department announced Monday.
A record $1.41 billion is expected to go into the Educational Enhancement Trust Fund, the Lottery reported
Both amounts top the previous highs reached the year before, when sales were $4.45 billion and education transfers were $1.31 billion.
In two fiscal years, the Florida Lottery has increased sales by $1 billion. That's the fastest pace to one ...
Jul 9, 2013, 7:51 am - Lottery News forum