State report finds Illinois Lottery lost money last year
SPRINGFIELD, Ill. (AP) - A new report from the Illinois Legislature has found that the Illinois Lottery lost money last year for the first time since 2009.
The loss comes after the state hired a private manager to increase the lottery's sales and profits. The (Springfield) State Journal-Register reports (http://bit.ly/1QknR5F ) that the state's capital projects fund felt the drop the most. Money from the lottery goes to state programs, mostly education efforts.
The bipartisan Commission on Government Forecasting and Accountability's report shows that the amount of lottery money available for state programs dropped by $125 million during the fiscal year that ended June 30.
The report says that lottery officials attribute the drop to prize payout ratio changes which cost about $77 million.
Northstar Lottery didn't immediately respond to an email seeking comment.