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If you win a lottery prize, the IRS awaitsNews Story
A lottery prize means federal income tax obligationsWith the Tennessee Lottery to start in a week, participants might just be dreaming about a new house, a new car and traveling around the world. But it also means thinking about how playing the lottery can affect the filing of your federal income tax return.Winning a lottery prize may open the door to many financial opportunities, but it may also result in a significant federal income tax obligation. Keeping good records of your winnings and lo
Jan 13, 2004, 5:06 am - Lottery News

Tenn. lottery could net $70 million more than expectedNews Story
The Tennessee lottery could make at least $70 million more than what is needed to fund college scholarships this year, and Gov. Phil Bredesen wants to budget most of the extra for prekindergarten programs.Chief lottery sponsor Sen. Steve Cohen estimates the lottery will have $70 million to $100 million left over after paying for college scholarships this year. He and Bredesen agreed this week to support giving 80 percent of that to prekindergarten programs and 20 percent to after-school programs
Jan 12, 2004, 6:33 am - Lottery News

Reducing Lottery RewardsNews Story
Some Florida legislators figure that the way to sell more lottery tickets is to reduce the size or number of prizes the players can win. It's something that will be attempted during the 2004 session that begins in March -- and, given the financial philosophy of this Legislature, it has a good chance of passage.This is, after all, the same Legislature that set in motion the largest telephone rate hike in state history using the logic that if rates were increased, there would be more competition f
Jan 9, 2004, 5:15 am - Lottery News

Rapid reforms vowed for Colorado LotteryNews Story
A powerful state legislator suggested Monday that the Colorado Lottery should face more frequent audits to prdvent repeats of abuses uncovered over the past two months.In addition, the Cabinet member who oversees the Lottery said she expects that by June 30 a complete reform of that agency will be in place. We're taking the lottery back to zero ... and looking at everything, state Department of Revenue chief M. Michael Cooke told the legislature's Joint Budget Committee. We're committed to wor
Jan 6, 2004, 3:43 am - Lottery News

Tennessee must decide on use of unclaimed lottery prizesNews Story
Officials with Tennessee Boys and Girls Club chapters hope lawmakers will give them some of the unclaimed prize money from the new state lottery.The law that created the lottery requires that half of all unclaimed winnings go back into the prize pool at the end of each fiscal year, while the rest is placed in a special account for after-school programs.The lottery legislation's House sponsor - Rep. Chris Newton, R-Cleveland - said deciding which after-school programs get the money is one of the
Jan 5, 2004, 6:15 am - Lottery News

Winning a big lottery not without its own costNews Story
If Donald Trump won the $162 million Mega Millions jackpot, he could lasso the windfall like a seasoned financial cowboy, invest his winnings, and fly off to a luxurious ski trip with his playmate of the month.But what about the guy in blue jeans beaming into a news camera with an oversized lottery check?That Average Joe might want to enlist in Susan Bradley's lottery boot camp for instant millionaires. Really rich people do play the lottery, but nine out of 10 times it's someone who's more aver
Jan 3, 2004, 9:10 pm - Lottery News

State lottery kickoff nearsNews Story
Officials optimistic excess funds will mean win for construction, early at-risk programsAbout six weeks from now, Tennesseans will be able to participate in their own state lottery, and through it finance higher education for 65,000 students. The process is moving very smoothly and rapidly, Rebecca Paul, lottery CEO, told her board of directors recently.Feb. 10 is the target start-up date for sales of instant winner lottery tickets. Paul says 3,000 retail outlets will be ready to sell tickets
Dec 29, 2003, 5:11 am - Lottery News

Other vendors could have saved Tenn. lottery $23MNews Story
While Tennessee's lottery won uncommonly good rates from two companies vying to sell lottery tickets here next year, those rates were not the lowest offered.Indeed, they were the highest.The difference: an estimated $23 million over the seven-year term of the contracts.That's enough to help put almost 2,000 students through four years of college the intended purpose of the lottery.Lottery officials say there were good reasons for rejecting the lowest rates. They had concerns about the reliabilit
Dec 22, 2003, 6:12 am - Lottery News

Orgeon lottery gears up to sell new contractNews Story
Critics have called for the agency to expand revenue from games and cut retailers' compensationOregon State Lottery officials will launch two weeks of public forums in March to talk to retailers about compensation rates and other issues as the agency prepares a new six-year contract.Under a fast-track schedule unveiled to lottery commissioners Friday, agency representatives should hit Pendleton, Bend and Ontario the first week of March before moving on to Grants Pass, Eugene, Salem and Portland.
Dec 22, 2003, 6:09 am - Lottery News

Mega Millions boosts Texas lottery salesNews Story
Lottery ticket sales have increased an average of 30 percent since Texas joined the multistate lottery Mega Millions two weeks ago, state officials said Thursday.But the increase accompanied an advertising push to promote the new game. Lottery officials cautioned that more time is needed to determine the long-term impact of Mega Millions on existing games.The two-week revenue on overall lottery ticket sales increased from an average of $56 million before Mega Millions to $65 million during the p
Dec 19, 2003, 3:18 am - Lottery News