New York Lottery accounting method questioned
Billions of dollars in bets are kept off the New York Lottery's books.
That's because the state Lottery Division does not publicly report the wagers on its video games that go to gamblers as prizes.
The figures aren't included in the Lottery's annual reports or audited financial statements, and the Lottery initially declined requests for the amounts wagered on the video machines, and the prizes paid, since the machines were introduced in 2004.
Late yesterday, however, a Lottery official ...
Jan 30, 2007, 6:48 pm - Lottery News forum
Michigan latest state to consider selling its lottery
'Bad idea' continues its rampage through the USA
Michigan has become the latest in a growing list of states to consider selling off its state lottery in a scheme to fix the state's budget problems.
The move was being discussed at the Capitol as lawmakers and administrators look for ways to deal with an $800 million budget shortfall this year, and possibly even larger hole in the year ahead.
Democrat Gov. Jennifer Granholm is expected to announce plans for dealing with the state's struct ...
Jan 27, 2007, 9:34 am - Lottery News forum
Antigua gets favorable WTO gambling ruling over U.S.
The United States has suffered a new setback in a four-year-old legal battle with Antigua and Barbuda over U.S. restrictions on Internet gambling, a U.S. trade official said on Thursday.
At issue is an April 2005 World Trade Organization ruling against U.S. prohibitions on online horse race betting. Since then, the U.S. Congress has passed additional legislation to ban certain financial transactions related to gambling over the Internet.
Gretchen Hamel, a spokesman for the U.S. Trade Repre ...
Jan 27, 2007, 8:46 am - Lottery News forum
Despite strong opposition, Indiana moves ahead with selling lottery
Indiana is considering a Wall Street investment firm to help it pull together a plan to lease the Hoosier Lottery, despite legislative skepticism that could kill the deal.
Gov. Mitch Daniels said Friday the administration is negotiating a contract with Morgan Stanley to test the market. A similar contract with Goldman Sachs Co. to market the Indiana Toll Road last year was worth about $20 million.
The Toll Road eventually was leased for 75 years for $3.8 billion, and the state has esti ...
Jan 23, 2007, 10:45 am - Lottery News forum
Illinois Is Putting Lottery on Block for Quick Payoff
The state of Illinois yesterday took the first steps in selling its state lottery system, hoping to attract as much as $10 billion from investors who, in return, would own a monopoly that could turn out to be the biggest jackpot yet.
The sale, which may occur as early as the spring, would not be the first privatization of public property - both Chicago and Indiana have recently earned billions of dollars by signing long-term leases with private companies to run toll roads. But the proposed l ...
Jan 23, 2007, 8:11 am - Lottery News forum
Bill to outsource Indiana Lottery bans keno, video poker
Many upset over Governor's plan to 'sell the Lottery'
A bill that would allow Gov. Mitch Daniels to outsource the Hoosier Lottery would prohibit a private operator from offering keno, video lottery games, pari-mutuel wagering on horses or dogs and games based on winners of races or other sporting events.
Sen. James Merritt, R-Indianapolis, filed the bill Thursday on behalf of the administration but said he was allowed to put his own principles in it and was not in favor of such gambling ex ...
Jan 19, 2007, 12:00 pm - Lottery News forum
N.J. is next state to consider bad election lottery idea
By Charles Paolino
Home News Tribune, New Jersey
Who wants to be a millionaire?
That's the question Assemblyman Patrick Diegnan wants to ask potential voters or, at least, that's one way to express the theme of a bill he's proposing in the state Legislature.
Diegnan, a Democrat representing the 18th District, is one of two legislators suggesting that a lottery be held each year on Dec. 31 for a million-dollar prize to be awarded a registered voter who cast a ballot that year in a pri ...
Jan 15, 2007, 1:42 pm - Lottery News forum
Germany debates online gambling
Premiers from the 16 German states were unable to reach unanimous agreement Wednesday on proposed laws to protect state gambling monopolies by banning online gambling in the country.
The heads of the individual German states met to discuss the ban, which would have to be approved by the federal parliament. Three German states Bavaria, Saxony and Hesse have already introduced state laws. Most of the German states run lucrative monopolistic lotteries and are keen to protect these revenues, ...
Dec 14, 2006, 3:39 pm - Lottery News forum
Indiana Gov. wants to sell lottery
As details continued to leak out Wednesday about Indiana Gov. Mitch Daniels' plan to privatize the Hoosier Lottery, reaction from area lawmakers was less than encouraging.
Daniels is expected to unveil the proposal which would likely raise money for higher education at 11 a.m. today.
Wells County Republican Rep. Jeff Espich was briefed on the idea a few weeks ago along with other key lawmakers.
His understanding of the plan was to entice a private entity to run the lottery in exchan ...
Dec 14, 2006, 8:18 am - Lottery News forum
Despite dire predictions, Net gambling not changed by new U.S. law
When President George W. Bush signed the Unlawful Internet Gambling Enforcement Act in October, many reports gave the impression it sounded like the death knell for the multibillion-dollar Web-based gambling industry.
On the contrary, all it did was strictly regulate the process by which funds are transferred from users of the sites to the offshore companies which own and operate them. The practice itself wasn't declared illegal.
Reputable foreign companies wh ...
Dec 8, 2006, 10:56 am - Lottery News forum