Governor's New Plan Aimed At Using Future Lottery Gambling Money

The state of California is a leader in many different areas. They make laws, such as the one yesterday to allow gay marriage, that other states will most likely follow.

When it comes to the state lottery, however, they are not the most innovative. They rank 28th in the nation, which is not a number that the Governor takes lightly.

"Our lottery does not perform at 100 percent. Our lottery is twenty eighth in the nation when you compare it to other states. And you know, California doesn't like to be twenty eighth in anything, we like to be number one," said Schwarzenegger.

His new plan is to sell $15 billion in bonds to investors on Wall Street over the next three years. The state would then need to increase lottery sales to be able to repay the bonds over the next three decades.

Opponents of his new plan fear that there will be no way to increase the lottery sales enough to repay the bonds. They would have to double the amount of tickets currently being sold for the plan to work.

The good news for the state is that there are many improvements that could be made to the current lottery to help achieve the added sales. Updating the technology used, and expanding the areas where the lottery tickets are offered have been just a couple of the suggested improvements.

May 16, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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