Some States Consider Leasing Their Lotteries

Comment #10

computerhead723 — Sat, 27 Oct 2007 06:52:53 GMT

there are a million reasons I would never see any good reason for leasing or privetiszing the lottery in any state ;

one reason is they never consent with the players and the general public , thats who funded it in the beginning ;

what happes if more people start playing , and it tripples in wealth;

what if they discover that the lottery realy sell' s good if just better managed and that the laws and the lottery - dir... [ More ]

Comment #9

LckyLary — Sun, 21 Oct 2007 12:33:34 GMT

I'll take the annuity on a large jackpot. Nothing in life is without risk. But privatization begs the question: What would a private company think of computerized drawings? They might save money but people are becoming wise to them and most prefer ball drawings. Do you think privatization would trend away from computerized drawings and maybe that is how to ultimately eliminate them? If you could own a Lottery how would YOU run it? I'd keep ball drawings and I'd significantly raise the payback to... [ More ]

Comment #8

KY Floyd — Wed, 17 Oct 2007 16:54:57 GMT

Milken may have been a financial genius and given a great deal of money to charity, but I'm sure that Hitler and many of the other despised people of history had their good points too. Milken was indicted on nearly 100 counts of insider trading, stock manipulation and related crimes. I think it's pretty clear that he was much more interested in his own interest and a fast buck than creating a long and successful business.

The annuities are guaranteed

Of course they are, but by whom... [ More ]

Comment #7

Stack47 — Wed, 17 Oct 2007 12:18:49 GMT

Gov. Mitch Daniels wants to lease the Hoosier Lottery to a private company for at least $2 billion upfront, plus $200 million a year. The money would be used for life sciences research and college scholarships for students who agree to stay in Indiana after graduation. This year, the idea died in the Indiana Legislature, but it is likely to be reintroduced.

F.Y. 2007:

Sales: $788 million Profit: $212 million Sales per capita: $125 Market value: $2 billion

That only leaves $12 million... [ More ]

Comment #6

Guest — Tue, 16 Oct 2007 19:18:27 GMT

I'm not arguing with you,either.But those were two seperate sentences.Same paragraph,but two sentences.

I seem to recall that Milken was convicted a long time ago for securitys fraud or something.The reason that I remember it is that he got such a short sentence.Basicly,he got a slap on the wrist and got to keep the money.I could be wrong,but thats the way I remember it.

As for the annuities being gaurenteed,who is doing this gaurentying

Comment #5

justxploring — Tue, 16 Oct 2007 18:29:32 GMT

I see an Enron style theft in the future if they are privatized.What if a Michael Milken runs one of these lotterys?

I wasn't arguing or disagreeing with you, Mike. I only wrote my last comment because you mentioned Enron and Milken in the same sentence and he had nothing to do with the Enron scandal. Kenneth Lay Jeffrey Skilling were crooks who committed fraud and destroyed lives by lying to shareholders. Although I personally believe Milken was a pawn in one of Giuliani's political g... [ More ]

Comment #4

Guest — Tue, 16 Oct 2007 18:01:32 GMT

Some people see him that way.Others remember him as the Junk Bond King .

Either way,I was just using him as an example of what could happen if lotterys were privatized.Wall Street is filled with unsrupulous players that would love to get their hands on a lottery and make billions before driving it and its investors into the poor house by using some slick and devious slight of hand manuevers that are barely legal.

Comment #3

justxploring — Tue, 16 Oct 2007 17:12:45 GMT

Milken is a financial genius and one of the most philanthropic people in the world.

Comment #2

Guest — Tue, 16 Oct 2007 16:02:04 GMT

I'm against privatizing lotterys.I see an Enron style theft in the future if they are privatized.What if a Michael Milken runs one of these lotterys?I can picture one of these privatized lotterys filing for bankruptcy,leaving those who chose to take an annuity jackpot holding the (empty) bag.

Comment #1

JAP69 — Tue, 16 Oct 2007 14:21:01 GMT

So when all these states get done privatizing and spend the winfall where will they turn to next for money?

This country will go broke sooner or later.

They only have a spending problem.

Some States Consider Leasing Their Lotteries

Lottery Post — Tue, 16 Oct 2007 14:05:01 GMT

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... [ More ]