Another Lottery Goes Private

One more large lottery had moved from the hands of government to the private sector.

New Jersey will award a 15-year contract potentially worth billions of dollars to the only group that bid to operate the state lottery, officials announced Friday afternoon.

Northstar New Jersey -- a joint venture made up of lottery operators GTECH and Scientific Games along with the Ontario Municipal Employees Retirement System – won the contract.

The group agreed to pay New Jersey $120 million upfront and promised to increase lottery profits by a total of at least $1.42 billion over the life of the contract, the Treasury Department said in a news release.
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No jackpot winner over the weekend in Powerball so the jackpot rolls. Tuesday’s Mega Millions jackpot is slightly behind Powerball except when you look at the cash option value.

POWERBALL
04/17/2013
$80,000,000 est
Cash Option:$51,600,000

MEGA MILLIONS
04/16/2013
$74,000,000 est
Cash Option:$55,500,000