Record setting lotto sales in Va., Md.
Virginia and Maryland's lotteries racked up record revenue over the past year, providing cash-strapped governments with funding for schools, police and other critical services, the Washington Examiner reports.
Virginia Lottery sales totaled more than $1.4 billion in the last fiscal year and Maryland's topped $1.7 billion -- both new records for the states -- with nearly half that money, a total of about $1 billion, ending up in the states' coffers. The profit from sales is providing a financial boon at a time when many states face significant budget shortfalls.
Read more about record lottery sales in Maryland and Virginia in the Washington Examiner:
By
Washington Post editors
| December 6, 2010; 10:12 AM ET
Categories:
Maryland, Virginia
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Posted by: MarilynManson | December 6, 2010 10:42 AM | Report abuse
@Marilyn -Doesn't Maryland get revenue form the slots? DUH!!!!
Posted by: jwash4472 | December 6, 2010 2:53 PM | Report abuse
Maryland will get a much smaller take of the revenue generated by slots. We get like half of the lottery revenue and less then a third from slots, plus their will be more social costs with slots that the state will bear. Maryland would lose 40% of the lottery revenue if 100% of the lottery money was instead spent on slots. It's not going to be that much, but it still will be substantial. plus you also have to consider all the small businesses who will see a drop in revenue as people play slots instead of going to the movies or eating out.
Posted by: MarilynManson | December 6, 2010 3:58 PM | Report abuse
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Enjoy it while it lasts. Once those slot machine parlors get going in Maryland, the lottery will see a big drop.