The Pennsylvania state government is seeking on ways to privatize its popular state lottery game. The plan comes just weeks after the state government came up with plans to privatize the state liquor system. Privatizing state assets seems to be the trend for state government to seek on ways to be more productive.
The Pennsylvania state lottery has been in existence for 40 years and is one of the most profitable lottery games in the US. Last year the lottery games raked in a staggering $3.2 billion in ticket sales. This translates to $961 million in profits for the state coffers. With such huge figures, most would have expected that the state government would keep state lottery game close to it.
However, the state government, views the privatization plans as the perfect move to increase the profitability of the state lottery game. This would be through increased accountability and the profession management of the lottery game. The state will stand to benefit from both the profits and taxes paid by the private firm.
Lottery officials have already identified potential bidder for the management of the lottery. All that is remains is the official nod from the state government for privatization. Bidding for the management of the lottery game will be open to public scrutiny to ensure maximum competition.
However, not everyone is excited of the new developments. The employees of the state lottery are uncertain of the effect of the privatization on their job security. We will have to wait to see if the Pennsylvania lottery will join Illinois Lottery in private management of the lotteries.