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Financial analyst looks at lottery jackpot cash/annuity optionsNews Story
Q: I've just won a $50 million lottery. Should I take all cash or an annuity?A: It depends on a lot of things, one of which is the interest rate the lottery uses in calculating the annuity value vs. the immediate payout. Another is the uncertainty associated with future income taxes.The conventional wisdom is to take the money as a lump sum. That's because the lottery takes the cash prize (today's dollars) and uses that money to buy investments that will fund the annual payments. That may mean t
Aug 23, 2005, 6:06 pm - Lottery News

Man let lottery winner go firstNews Story
A man has revealed he missed out on the $136 million Euro Millions lottery jackpot because he let winner Dolores McNamara buy her ticket first.Larry Moriarty stepped aside as they both queued for lucky dips in the EuroMillions rollover reports The Sun. I left the pub to buy a ticket at the shop. Dolores was outside and we chatted. Then I let her go ahead of me in the queue, Moriarty said. So I was directly behind her when the machine gave her the winning numbers. He added, It could not have
Aug 1, 2005, 12:42 pm - Lottery News

Tenn's Paul to be honored by lottery industryNews Story
Tennessee lottery president Rebecca Paul was inducted into the Lottery Industry Hall of Fame Tuesday. Paul is one of 11 people slated for induction during the 2005 International Lottery and Gaming Expo being held through Thursday in Las Vegas. The awards are made by the Public Gaming Research Institute.Paul was hired in 2003 to start Tennessee's state lottery. It was the fourth state lottery she has headed and the third she has launched. We are privileged to have Rebecca at the helm of our educa
Jul 12, 2005, 11:33 pm - Lottery News

Lottery Phone Scam Continues to Snare VictimsNews Story
It can be so easy to get pulled into the trap of a lottery phone scam.It sounds so enticing just send them a few thousand dollars to cover the taxes and you rake in hundreds of thousands.But what sounds too good to be true, is. So, why are so many folks falling for it? You have therefore been approved for a lump sum payment of $450,890 Congratulations. That letter, with a handwritten address on the envelope, had a Dandridge, Tennessee woman celebrating. I started reading it, was real excited
Jun 15, 2005, 1:42 pm - Lottery News

Cincinnati Reds formed Mega Millions lottery poolNews Story
Several members of the Cincinnati Reds baseball team pooled their money and purchased $1,000 worth of Ohio Lottery tickets for Tuesday night's Mega Millions drawing, according to the Cincinnati Enquirer.The estimated jackpot on Tuesday was $168 million. There was some talk about looking into buying a share of the team, Kearns said. We're pretty confident. Ken Griffey Jr., Adam Dunn, Sean Casey and Rich Aurilia also were part of the group.There were no winning tickets in the Tuesday Mega Millio
Apr 21, 2005, 3:09 pm - Lottery News

Mass. lottery winners cash in on new prize lawNews Story
Massachusetts lottery winners are rushing to cash in on a recent change in state law that allows them to negotiate with private companies for a lump-sum buyout of all or a portion of their 20-year income stream.Since November, when the change in the law took effect, nearly 270 lottery winners have made the decision to give up a chunk of their future prize payments in return for a lump sum that can be used for such immediate needs as buying a new house or paying off existing loans and debts.But n
Apr 11, 2005, 12:21 pm - Lottery News

VA Lottery Director wants to be college presidentNews Story
Virginia Lottery Director Penelope Ward Kyle said a lack of university experience shouldn't hamper her management abilitiesVirginia Lottery Director Penelope Ward Kyle assured Radford University faculty Tuesday that she wouldn't institute radical changes if she succeeded Douglas Covington as president. Far be it from me with my career experience ... to tell you what you should be doing, she said. I haven't been doing what you all have been doing for all these years. Before coming to the lotter
Feb 2, 2005, 3:09 pm - Lottery News

Will Tennessee's new games cloud Kentucky lottery's future?News Story
Kentucky has Daniel Boone, Abe Lincoln, Adolph Rupp, Loretta Lynn, and Ashley Judd.Tenessee has Davy Crockett, Andy Jackson, Bob Neyland, Dolly Parton, and Dixie Carter.For a couple of centuries, there has been a border rivalry between Kentucky and Tennessee as the states have dueled over history and heroes and have had spats over sports and politics. Now the rivalry has become more serious than ever. The Big and the Big Orange are fighting over the Big Green - as in money.Kentucky has the lotte
Jan 27, 2005, 10:57 am - Lottery News

Kentucky Lottery: More than 'state-sanctioned gambling operation'News Story
This is the first story in a four-part series on the Kentucky lottery and its local and state impactSince it was founded in April 1989, it has generated nearly $8 billion in sales and contributed more $2 billion in revenue to the state treasury. But this multibillion-dollar enterprise is not your typical big business.The billions in sales it has generated come not from the sale of goods or services but from the sale of tickets. The $2 billion in revenue it has produced for the state comes not fr
Jan 27, 2005, 10:18 am - Lottery News

Lottery benefits Kentucky students but not its schoolsNews Story
This is the third story in a four-part series on the Kentucky lottery and its local and state impactAmid last year's protest by Kentucky teachers over what they considered to be an insufficiently-funded health insurance plan offered by Gov. Fletcher, the Kentucky Lottery Corp. received a letter from one of the angry educators. The letter underscored another, much older controversy surrounding education funding. The letter writer said, 'When you look at the amount of money generated for the Kentu
Jan 26, 2005, 11:09 am - Lottery News