Re-worked Contract, Jump In Scholarships Improve Lottery Outlook

Talk Politics

by Roby Brock ([email protected]) June 20, 2012 8:37 am 75 views 

Lottery Director Bishop Woosley spoke to a legislative oversight committee on Tuesday as reported by John Lyon with our content partner, the Arkansas News Bureau:

Woosley said the budget for fiscal 2013 was prepared before he recently renegotiated the terms of the lottery’s contract with its vendor for scratch-off tickets, Scientific Games. The company has agreed to lower its payment rate from 1.92 percent of scratch-off ticket sales to 1.81 percent, which Woosley said will mean an additional $430,000 in annual profits for the lottery if sales remain constant.

Scientific Games also agreed to give the lottery a $2 million incentive payment and advance $200,000 i