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California Lottery Revenue Drops By $260 Million

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Oct 23, 2008 11:18 am US/Pacific

California Lottery Revenue Drops By $260 Million

SACRAMENTO (AP) ― Scrimping Californians apparently have decided there are safer bets than the state lottery.

The California Lottery reports that revenue dropped 8 percent, or $260 million for the fiscal year that ended June 30. That means $106 million less for public schools this year.

It also could spell trouble for Gov. Arnold Schwarzenegger's plan to sell bonds based on future lottery revenue to balance the state budget. The governor is betting that beefed-up marketing and higher prize payouts will attract more players, making the lottery attractive to investment firms.

Lawmakers approved his lottery plan, which is key to balancing the state budget. The governor projects selling the bonds will bring in $5 billion next year.

It still requires voter approval in a special election. Democratic State Sen. Dean Florez says the latest revenue numbers may make it a tougher sell.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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