USA: California Lottery

logo-calotteryThe Birth of the California State Lottery

The Lottery was created by a ballot measure, Proposition 37, which was approved by 58 percent of voters on Nov. 6, 1984. The Lottery Act gave the Lottery a clear mission: to provide supplemental funding for public schools and colleges.

Initially, the Lottery Act capped administrative expenses at 16 percent of sales and required that 34 percent of sales go to education.

In April 2010, the Legislature passed Assembly Bill 142, which changed the Lottery’s funding formula to follow best practices. Those practices have helped lotteries throughout the nation increase sales and earn more money for their beneficiary.

AB 142 limits administrative expenses to 13 percent of sales, while requiring that 87 percent of sales go back to the public in the form of prizes and contributions to education. The law gives the Lottery the flexibility to pay out a higher percentage of its revenues in prizes than it has in the past, but only if it does so in a way that increases the total amount of money that goes to public schools and colleges.

The act specifies that the lottery is to be operated and administered by a Commission appointed by the Governor. The Legislature has the authority to amend the Lottery Act if, by doing so, it furthers the purposes of the Act.

Draw Games:
SuperLotto Plus
Fantasy 5
Daily 4
Daily 3
Daily Derby
Hot Spot

Official website: www.calottery.com

Comments:

Interesting articles about money, investments, finances, economy & business
Women prefer to buy Foreign Exchange Market Stock Exchange Floating Exchange Rates
As part of the investigation, 2,000 women were surveyed with the idea of meeting your goals and preferences. Forex (FX) is a form of exchange for the global decentralized trading of international currencies. A stock exchange is a form of exchange which provides services for stock brokers and traders to trade stocks, bonds, and other securities. Type of exchange rate regime wherein a currency’s value is allowed to fluctuate according to the foreign exchange market.