Wyoming looks to reorganize state lottery payments
Share
Tweet
CHEYENNE – Two bills making their way through the state legislature would effectively change the way the state receives payments from the Wyoming Lottery Commission, which has paid out approximately $7.9 million to the state as of April 2018, since 2014.
As a whole, the lottery commission has reported total operating revenues of $26.2 million.
House Bill 281, sponsored by the House Appropriations Committee, would require the Wyoming Lottery Commission to make a quarterly transfer of 2.5 percent of gross earned proceeds to the school Foundation Program Reserve Account per quarter, an anticipated annual increase of $655,000.
“Gross proceeds” is defined as all revenue derived from the sale of lottery tickets or shares of all money derived from the lottery.
Senate File 73, introduced on Monday, further stipulates that the current state lottery shall not include instant-win tickets, scratch-off tickets, video lottery terminals, or any electronic game involving direct physical contact between a player and machine.
S.F 73 also instructs that on or before the 15th day of each quarter, the Wyoming Lottery Corporation shall transfer to the state treasurer’s office, at least 75 percent of the net proceeds from the preceding quarter, for credit to lottery account.
“Net proceeds” is defined in the bill as all revenue less direct, indirect, operating and non-operating expenses consistent with general accounting principles.
