Lotteries sell-off to pay for water fixPrev TopicNext Topic

• goldrush

  Australia
  Member #17,095
  June 11, 2005
  225 Posts
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  Dec 11, 2006, 3:26 am

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  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

  

  Dump Water Florida
  United States
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  June 5, 2002
  3,574 Posts
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  Dec 12, 2006, 2:19 am

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  In response to goldrush

  Quote: Originally posted by goldrush on Dec 11, 2006

  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

  

  Michigan
  United States
  Member #22,394
  September 24, 2005
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  Dec 12, 2006, 2:34 am

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  "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

  

  50

  Chief Bottle Washer

  New Jersey
  United States
  Member #1
  May 31, 2000
  27,936 Posts
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  Dec 12, 2006, 7:16 am

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  https://www.lotterypost.com/news/146576.htm

   

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