Results tagged “nystatelottery”

At first, we thought this Bloomberg News lede was from The Onion: "The New York Lottery is proposing a gamble where the odds aren’t always in its favor -- moving its $1.3 billion prize fund into investments such as stocks, corporate bonds, real estate and hedge funds and out of the safety of U.S. Treasuries." But it turns out lottery officials are really considering the risky move in order to increase revenue, as the state faces a huge budget deficit. Lottery director Gordon Mendencia tells Bloomberg News, “We’re not going to be wild and crazy with investments" and is looking for “solid investments, like a pension fund or endowment" that will perform well, versus the Treasury bonds that have been yielding very little. If the NY Lottery did switch to higher-performing investments, it might be able to reduce the lump sum payments given to winners and free up money for state education funding. One lottery enthusiast is okay with that: "If I win $30 million, it won’t break my heart if the cash prize is $18 million instead of 20.”

Is gambling really a vice if you donate your $3 million lottery ticket to a church in need? The growing True North Community Church, which Newsday says was about to hold services in "rented ballrooms and school gyms," received a blessing when an anonymous donor gave them a winning Ba-Da Bling scratch-off ticket's winnings. The Port Jefferson Station church will received $150,000 a year for 20 years. Taxes will be taken out, but since the church is a nonprofit, "the church can file for refund claims for a portion or all of the taxes withheld by the lottery." The church has decided to give the first year of earnings away to charities and its pastor denied being the lottery ticket winner, "I'd give a lot of it to the church, but not all of it. This is a rare, remarkable, generous person."

A Staten Island woman has filed a lawsuit against the NY State Lottery, claiming that the ads for Take Five scratch-off lotto tickets were misleading about the odds. A lawyer for "M. Mckee" said, "They're trying to claim the odds are 1-in-9 when they're actually 1-in-109." The most likely scenario is actually a "Quick Pick Free Play."