Gaming News

New York wins big with lottery

NEW YORK – As reported by the Poughkeepsie Journal: "When New York began selling state lottery tickets 40 years ago, each chance cost $1, the drawings were held once a month, and the biggest prize was $100,000.

"Now, ticket prices climb as high as $20 each. There are drawings every day except Christmas, and bettors can choose from more than 50 games, including Lotto, keno, daily numbers and dozens of instant 'scratch-offs'." The richest jackpot topped out at $315 million in 2005.

"…And since 2001, it has generated a record-breaking run of profits — more than $2.2 billion last fiscal year — that make New York the nation's big winner in state-sponsored gambling.

"…Gambling experts who have marveled at New York's good fortune also warn that no matter what the state does, its winning run is bound to end eventually.

"…The Lottery Division's most recent annual financial statement, for 2005-06, reported more than $2.2 billion in profits for school aid. That amounted to about 14 percent of the $15.8 billion in total state aid to New York's schools and more than 2 percent of the entire $106.5 billion state budget.

"…Lottery profits also amounted to more than twice the $1 billion doled out in local government assistance and the $1 billion spent on parks and the environment…"

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