N.Y. Lottery looks to increase prizes through investment strategies

Comment #6

bashley572 — Thu, 19 Nov 2009 09:20:51 GMT

This is the problem with NY State government. (sigh) They get side tracked with things like this, instead of the actual 'work' of the state, like a state budget. The state still has not passed a balanced budget this year and will RUN OUT OF MONEY in December and be going the way of California with IOU's soon.

As much as I would like to 'win' more money, lets get the real work done first

Comment #5

Maryp — Wed, 18 Nov 2009 12:53:23 GMT

I wonder what politician's family or friend will gain from change of investments such as this. I bet Bernie Madoff would have been at the top of the list if he hadn't been sent to prison. Maybe one of his relatives will carry on the family tradition of stealing from the other people and institutions. I am sure there are many of his like minded thieves out there who would love to help.

All the problems in the world are caused by the same 5 letter word...GREED. Greed for money, land, power etc... [ More ]

Comment #4

rdgrnr — Wed, 18 Nov 2009 02:53:54 GMT

I think we just saw the writing on the wall for the future of the NY Lottery. No lump sum payments - annuities only. This is so typical of anything a government runs, they never get enough of your money, they always want more. It's a never ending cycle.

Now the risky investments on top of it. Their state pension fund just lost 21% of it's value and now they want to put their lottery fund at the same risk? I hope the whole venture and the NY Lottery goes down in flames very early on if they do... [ More ]

Comment #3

LckyLary — Wed, 18 Nov 2009 01:58:00 GMT

Just let everyone have only Cash Option, and YOU decide whether that nice man with the BULL and the two crossed flags on the Polo shirt, is trustworthy. What has to happen is the takeout ratio reduced so it's close to what slot machines supposedly payout i.e. near 90%/10%. they would still make a lot of money (people will play more often) but more casual players will play more often if they feel like they win more often.

Comment #2

savagegoose — Tue, 17 Nov 2009 22:17:15 GMT

sounds like step 1 in forcinf annuity. i mean cant make all this %8 p.a. if you have to hand out all the winnings in a lumpsum.

poor NY lotto players imagine your state losing ytour annuity after the 1st 5 years becaus eof bad investments

Comment #1

wizeguy — Tue, 17 Nov 2009 18:21:50 GMT

I feel this would be a bad move for this or any other lottery. Lotteries should be self funding businesses which to me means using 'safer' methods of investment. Bets should be made by the players not the lottery. Five years ago, if they had this, how much would they have invested through Madoff? Any investment with players and state money should be on a sure thing. If something they invested in tanked how would they have paid the winners then

N.Y. Lottery looks to increase prizes through investment strategies

Lottery Post — Tue, 17 Nov 2009 12:26:31 GMT

The New York Lottery is proposing a gamble where the odds aren't always in its favor moving its $1.3 billion prize fund into investments such as stocks, corporate bonds, real estate and hedge funds and out of the safety of U.S. Treasuries.

If the agency were to double its annual return to 8 percent as it projects, the prize would be $37 million more for state coffers as New York grapples with a record $13 billion budget deficit next year. Losses might reduce proceeds that fund education, said... [ More ]