Illinois House approves privatizing state lottery

Comment #3

Stack47 — Tue, 16 Sep 2008 00:33:09 GMT

Illinois expects to get $10 billion up front plus 20% of the vendor's earnings and promise at least $600 million for schools . I suppose they could get someone like Lehman Bros to help them find a buyer and help with the financing.

The idea of selling or leasing the lotteries and still getting the same income from the profits sounds and looks great on paper, but who is going to buy them?

*edited to add: I just heard Lehman Bros are going bankrupt. opps

Comment #2

CCHS13 — Sun, 14 Sep 2008 17:08:06 GMT

I always wonder about the integrity of the game, does it get better or does it get worse

Comment #1

Bradly_60 — Sun, 14 Sep 2008 16:56:14 GMT

I am surprised that no one has commented on this. I mean there were talks about this forever and it looks like a state is finally doing it. I wonder what it means for the games? Do the new leasors change up things...bigger payouts...small payouts? What about the agreement with Mega Millions? Does everything stay the same with that or do they need to drop out now? Lots of questions here.

Brad

Illinois House approves privatizing state lottery

Lottery Post — Fri, 12 Sep 2008 07:15:00 GMT

Illinois would raise $10 billion for building roads and schools by privatizing its state-run lottery for half a century under a plan the House approved Wednesday night.

After years of resisting, Speaker Michael Madigan and his House Democrats approved turning the lottery over to a private vendor because Gov. Rod Blagojevich and the Legislature have never agreed on another way to pay for a statewide construction program.

The House also voted to restore some of the painful budget cuts Gov. R... [ More ]