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Lotteries sell-off to pay for water fix

Topic closed. 3 replies. Last post 10 years ago by Todd.

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Australia
Member #17096
June 11, 2005
225 Posts
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Posted: December 11, 2006, 3:26 am - IP Logged

A STATE Coalition government would sell NSW Lotteries to help fund its $1 billion water strategy but would preserve payout levels to winners of Lotto, Powerball and instant scratchies.

The Opposition Leader, Peter Debnam, will announce today a plan to sell the company, possibly by a public float, if the Coalition wins the election in March. The sale could raise as much as $800 million.

NSW Lotteries has sold lottery tickets since 1931. Last year it sold tickets worth more than $1.1 billion, and paid out about $662 million in prizes. Its lotteries have helped to pay for the Opera House and the Harbour Bridge.

 

http://www.smh.com.au/news/business/lotteries-selloff-to-pay-for-water-fix/2006/12/10/1165685553888.html

    BobP's avatar - bobp avatar.png
    Dump Water Florida
    United States
    Member #380
    June 5, 2002
    3112 Posts
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    Posted: December 12, 2006, 2:19 am - IP Logged

    A STATE Coalition government would sell NSW Lotteries to help fund its $1 billion water strategy but would preserve payout levels to winners of Lotto, Powerball and instant scratchies.

    The Opposition Leader, Peter Debnam, will announce today a plan to sell the company, possibly by a public float, if the Coalition wins the election in March. The sale could raise as much as $800 million.

    NSW Lotteries has sold lottery tickets since 1931. Last year it sold tickets worth more than $1.1 billion, and paid out about $662 million in prizes. Its lotteries have helped to pay for the Opera House and the Harbour Bridge.

     

    http://www.smh.com.au/news/business/lotteries-selloff-to-pay-for-water-fix/2006/12/10/1165685553888.html

    Sounds like they should be asking a lot more,  they could borrow the money and pay it off in a couple of years from lottery profits. The public does not want private companies running lotteries, they have always proven to be crooked in the past, but I suppose that could never happen again, giggle. 

    I take it that's a UK billion not a US billion?

    BobP

      truecritic's avatar - PirateTreasure
      Michigan
      United States
      Member #22395
      September 24, 2005
      1583 Posts
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      Posted: December 12, 2006, 2:34 am - IP Logged

      "I take it that's a UK billion not a US billion?"

      Actually AU uses $1.00 of its own.

      $1AU = 0.784098 USD

        Todd's avatar - Cylon 2.gif
        Chief Bottle Washer
        New Jersey
        United States
        Member #1
        May 31, 2000
        23349 Posts
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        Posted: December 12, 2006, 7:16 am - IP Logged