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N.Y. takes first step toward lottery privatization
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

Calif. Lottery director's job doesn't depend on auditor's report
The California state Senate's decision on confirmation of Joan Borucki as director of the state lottery will be history by the time the state auditor completes its report on a questionable employee recognition celebration. The Senate Rules Committee postponed Wednesday's scheduled hearing for a week while staff gathers information for any committee members who may have questions on the Nov. 8 lottery event, said Alicia Trost, a spokesman for Senate leader Don Perata, D-Oakland. Perata plans t
Jan 29, 2008, 11:36 pm - Lottery News

Arkansas lottery plan garners some support
Arkansas Lt. Gov. Bill Halter found support Thursday among Arkansas' city officials for his proposed constitutional amendment to establish a state-run lottery. The proposal, for which supporters are gathering signatures to place on the November general election ballot, would earmark lottery proceeds for college scholarships. Using a football analogy Thursday, Halter pitched his proposal to the winter conference of the Arkansas Municipal League as a way to move Arkansas from mired at or nea
Jan 11, 2008, 9:11 am - Lottery News

Tennessee Gov. wants to spend lottery reserve
Excess money would be distributed to school districts Tennessee Gov. Phil Bredesen said Thursday the state lottery's huge cash reserves need to be distributed. Bredesen, a Democrat, has abandoned last year's proposal to create a $100 million pool that would have served as collateral to improve credit ratings for school districts, he told The Associated Press in an interview Thursday. The legislature wanted to spend it, they didn't want to put it aside to enhance credit, Bredesen said.
Jan 11, 2008, 7:12 am - Lottery News

N.Y. Gov. wants to privatize lottery
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 lottery
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

Georgia Lottery bonuses stir lawmakers into action
The Georgia Lottery board's decision to hand out nearly $3 million in bonuses to employees this year has lawmakers vowing to put new controls on the corporation. Senate Majority Whip Mitch Seabaugh (R-Sharpsburg) filed legislation Friday that would give lawmakers appointments to the Lottery Corp. board. Currently, the governor appoints the board. His bill, which will be considered during the 2008 session, also would mandate that all Lottery Corp. spending, including employee bonuses, be appro
Dec 14, 2007, 10:54 pm - Lottery News

Lottery may be top talk among Tennessee legislators this session
Recent questions about the Tennessee state lottery could become political football in the upcoming legislative session. Monday, state lottery officials tried to assure lawmakers that a summer glitch will not happen again. Some, like House Leader and state representative Jason Mumpower, aren't buying the answers. Of the $3.7 billion in total sales, approximately $2 billion of that has been awarded to players but most importantly we have raised $1 billion for the education program that
Dec 11, 2007, 7:32 pm - Lottery News

Some States Consider Leasing Their Lotteries
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

Calif. Gov: Sell lottery to fund health care
Hoping to rejuvenate lagging negotiations over health care reform, Gov. Arnold Schwarzenegger said Tuesday that he wants to use the state lottery to help finance his plan that would require all Californians to have health insurance. The Republican governor said at a news conference that he wants to lease the lottery to a private group and use about $2 billion a year of the proceeds to pay for his health insurance plan, without diverting any lottery funds used for education. The proposal is
Oct 12, 2007, 7:42 pm - Lottery News