Click Now!

North Carolina Education Set to Benefit from Lottery Profits

North Carolina Education Set to Benefit from Lottery Profits

Attitudes towards gambling and the lottery are slowly changing in the state of North Carolina as more and more politicians realize that the revenues generated by the gambling sector can be put to good public use.

Since 2005, when the General Assembly voted yes to state-sponsored gambling, Republicans have been slowly coming to realize that this idea could provide a much needed lifeline for state coffers.

In a recent proposal House GOP leaders presented a vision of trying to popularize the state-sponsored lottery which in turn would channel its profits into teachers’ salaries, raising them by an estimated 5%.

In order to keep this plan on track they suggest doubling expenditure on advertising which would result in an estimated 23% rise in lottery users and an impressive $106 million rise in net profits.

Though Republicans such as Larry Pittman feel that such an arrangement is distasteful, they are nevertheless willing to see its positive side.

Pittman said, “I really hate that lottery. I wish we weren’t doing that part. I just had to weigh the pros and cons of the budget, and I felt like the good it was doing, I just had to go ahead and vote for that.”

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

COMMENTS

comments

Calendar

Recent Tweets