Kentucky Lottery and legislature tussle over cash reserves

Comment #14

Stack47 — Fri, 04 Sep 2015 00:33:06 GMT

Numbers sometimes go against the lottery, Gleason said, using the Pick 3 game as an example.

Because this is the only thing in the article I'd comment on. Gleason and his staff are very lottery savvy and understand how KY lottery players wager. I'm betting the reserve is based on the number of multiple wagers on the same numbers in one drawing. The Illinois fiasco is different because it's not based on possible prize winnings, but actual winning that weren't paid because of budget debates.... [ More ]

Comment #13

Bleudog101 — Thu, 03 Sep 2015 22:32:36 GMT

Funny thing about the pick 6 lottery we use to have. The last winner works @ Citizens Union Bank in Simpsonville. I think she won $3.4 million (help me out KY lottery on exact amount). Anyway so badly i want to ask her how did it feel when you won?! She is very nice and obviously likes to play in money...pardon the pun.

Comment #12

rcbbuckeye — Thu, 03 Sep 2015 21:58:48 GMT

According to the story, the lottery wants to keep a reserve for a rainy day when triples are drawn so they can pay the winners because the payout would exceed what was brought in. Sounds like a smart thing to do.

But then, whoever said politicians are smart. From local,to state, to the federal government, none of them can stick to a budget. So they steal money from where ever they can. That reserve fund was low hanging fruit to them.

Comment #11

CDanaT — Thu, 03 Sep 2015 21:43:33 GMT

Senators concluded the lottery didn't need that much in reserve

Holy crap.....Poor Kentucky Senators....HEY,elected officials...Maybe you useless sacks of crap ought to stick to YOUR BUDGETS and leave your hands out of the places that generate revenue.

Comment #10

RedStang — Thu, 03 Sep 2015 18:35:12 GMT

If their going to let the State take the money and waste it because that's what will happen, then they should just make games easier and give it back to KY players.

Comment #9

noise-gate — Thu, 03 Sep 2015 04:20:25 GMT

I wonder what is Stacks take on all of this- his a Kentuckian, right? I thought he would have been first out of the shoot with a response to this debacle. .

Comment #8

Coin Toss — Wed, 02 Sep 2015 21:28:44 GMT

Sounds like Kentucky is trying to copy Illinois.

Lottery money should be lottery money and that is that.

Here's an article from WNDU.com, pertains to Indiana, not Kentucky, but worth reading:

Does lottery revenue actually help education?

Updated: Wed 10:31 AM, Sep 29, 2010

By: Nick McGurk Email

The Hoosier Lottery revenues are not spent like many people believe.

Play the Hoosier Lottery, and your money will be part of the some $800 million spent just las... [ More ]

Comment #7

rj6speed — Wed, 02 Sep 2015 15:00:01 GMT

Please bring back a pick 6 game for the state...

Comment #6

KY Lottery — Wed, 02 Sep 2015 14:48:27 GMT

Thanks Bluedog101! We're really proud of our scholarship and grant programs. In Shelby County there just last year we provided 1039 kids a little more than $2,000,000 to attend college. When you build this out to when the program started in 1999, there have been 12,309 kids right there in Shelby County who have received more than $18,200,000 in scholarships and grants - all paid for by Kentucky Lottery proceeds. I'm glad your friend's daughter is able to use some of these dollars

Comment #5

Bleudog101 — Wed, 02 Sep 2015 14:28:03 GMT

A nurse @ work was telling me how the scholarships work and how wonderful it is. No smoke and mirrors here, she was extremely happy about it for her daughter.

Comment #4

Bleudog101 — Wed, 02 Sep 2015 14:07:18 GMT

As a Simpsonville, KY avid lottery player so proud of the KLC in their handling of the mess in Frankfort! With that Rowan County clerk Davis making $80K/year and not doing her job after the SCOTUS specifically told her to, we don't need any more negativity in this state. Grateful KLC is headquartered in Louisville, not Frankfort.

Comment #3

maximumfun — Wed, 02 Sep 2015 12:37:15 GMT

These different stories about the states not keeping appropriate reserves to pay lottery winners sure makes a person leaning toward the 'annuity' win ... lean t'other direction to 'lump sum'.

Comment #2

KY Lottery — Wed, 02 Sep 2015 12:35:06 GMT

Not so. KY Lottery proceeds have provided $2.4 BILLION to fund college scholarships and grants for more than 660,000 Kentucky students since 1999. In fact, 95 cents of every dollar of non-loan student aid awarded by the Commonwealth comes straight from the sale of KY Lottery tickets.

Comment #1

mypiemaster — Wed, 02 Sep 2015 11:54:03 GMT

Whatever happened to all that money going to education ? Smoke and mirrors!!!.

Kentucky Lottery and legislature tussle over cash reserves

Lottery Post — Wed, 02 Sep 2015 11:39:02 GMT

Straining to find hidden money within state government's bureaucracy to balance a tight state budget two years ago, the Kentucky Senate discovered about $16.9 million in unrestricted reserves held by the Kentucky Lottery Corp.

Senators concluded the lottery didn't need that much in reserve and put into the budget bill a directive that in addition to the normal flow of dividends the lottery sends to the state the lottery transfer $11 million to the general fund by June 30.

But, in a rare de... [ More ]