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Powerball multi-state lottery game to change rulesNews Story
Changes to coincide with addition of Florida in January; Jackpots to start at $20 million Powerball, arguably the world's best known jackpot lottery game, will be making changes to the game with the addition of Florida in January. The multi-state game will add some white ball numbers and will remove some red ball numbers, to accomodate the increase in number of players once Florida joins the game. If the number matrix is not changed, the jackpot would be hit too often, and it would not re
Aug 12, 2008, 9:57 pm - Lottery News

California Gov. calls for expanding, privatizing lotteryNews Story
Massively expanded lottery revenues are key to Schwarzenegger's budget plan Called the lottery an underperforming asset Anxious to avoid deep cuts in education spending, Gov. Arnold Schwarzenegger on Wednesday proposed dramatically expanding the state lottery and slashing entitlement programs, to help close a budget gap now pegged at $17.2 billion. Schwarzenegger hopes to win voter support in November for a deal to obtain $15 billion from Wall Street firms, to be repaid from what the g
May 16, 2008, 8:41 am - Lottery News

Editorial criticizes N.J. Lottery privatization proposalNews Story
Privately run lottery faces long odds Home News Tribune Feb. 2, 2008 Give [New Jersey] state Senate President Richard J. Codey credit for trying. Responding to the governor's assurance that he is open to ideas for solving the state's long-term budget woes, Codey, D-Essex, floated the notion of leasing the state's lucrative lottery. The way Codey figures it, the lottery might be worth billions upfront, and it might even produce some ongoing cash for the state if it is able to negotiate
Feb 5, 2008, 1:27 am - Lottery News

N.Y. takes first step toward lottery privatizationNews Story
New York has taken a step toward privatizing the state lottery. The state's Budget Division has started the process of hiring an independent investment adviser to guide Gov. Eliot Spitzer's proposal. Spitzer wants to open the lottery to private investors, using money made on a potential lease to start and sustain an endowment funding the State University of New York system. Spitzer has said any offer must include at least $4 billion in upfront payments. The Budget Division is seeking a f
Feb 4, 2008, 10:14 pm - Lottery News

N.Y. Gov. wants to privatize lotteryNews Story
New York may try to cash in on the future its lucrative lottery as a way to create a permanent education fund, and Wall Street is interested in taking the bet. The stakes are high for everyone, from students who could get better education to poor communities that might see more grocery money scratched away. For state government, a long-term leasing for part of the lottery and part of its profits to a private investor for 30 or 40 years could attract a massive upfront payment, perhaps in th
Jan 11, 2008, 6:43 am - Lottery News

Vermont could become first state to privatize lotteryNews Story
No other state has leased its lottery, but Vermont wants to be the first. Governor Jim Douglas hopes the lease will bring in $50 million dollars for the state budget, on top of the $23 million the lottery brings in now. Today in a special report, VPR's John Dillon explores the advantages and disadvantages of what is so far an untested idea. (sound of lottery machine printing ticket) (Dillon) Johanne Gray is a regular at this convenience store in Montpelier. She likes to play the
Dec 21, 2007, 2:33 pm - Lottery News

Indiana governor drops lottery privatizationNews Story
Indiana Governor Mitch Daniels said today he won't make a renewed pitch in the upcoming legislative session for his proposal to privatize the Hoosier Lottery, saying lawmakers will be too busy considering property tax reforms. During the last session, Daniels proposed leasing the lottery to a private operator and said one company was willing to pay $1 billion plus $200 million in annual payments for the 30-year lease. The money it generated would have gone toward a life sciences fund and a
Nov 23, 2007, 11:38 am - Lottery News

California looks to British lottery modelNews Story
California is seeking to become the first US state to privatize its lottery to raise as much as $37 billion ( 18 billion, 26 billion), with some of the funds used to finance governor Arnold Schwarzeneg ger's sweeping health care reforms. Some of Wall Street's biggest investment banks have made unsolicited approaches to the state to convince it of the merits of privatization. Goldman Sachs, Lehman Bros, JP Morgan, Bear Stearns, Citi, Merrill Lynch, Morgan Stanley and UBS have all made pit
Oct 20, 2007, 8:44 pm - Lottery News

Some States Consider Leasing Their LotteriesNews Story
As chief operating officer of the California Department of Finance, Fred Klass gets pitches from Wall Street bankers as often as the rest of us might get cold calls from telemarketers or insurance agents. But when Kathleen Brown of Goldman Sachs came to his office earlier this year and suggested privatizing the state lottery, Mr. Klass listened closely. It wasn't merely because Ms. Brown happened to be a former state treasurer as well as the daughter of one famous California governor and the
Oct 16, 2007, 10:05 am - Lottery News

Florida Gov. suggests selling the lotteryNews Story
Selling the state's lottery and some of its highways, such as Alligator Alley, to private companies may help solve Florida's financial dilemma, Gov. Charlie Crist said Tuesday. Crist said he wants lottery and transportation officials to examine the potential of going private but cautioned that doesn't mean he's sold on the idea. I don't know if it's good or bad at this point, but I think it's important to continue to be innovative, Crist said. It's merely an idea. It's not something I'm
Sep 5, 2007, 8:23 am - Lottery News