Lottery Pays of Loans

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Staff    2-1, 2016

The Wyoming lottery is debt free. The lottery has paid off all its debts from the startup loan and will soon begin transferring money to the State for distribution to local governments. Wyoming Lottery CEO John Clontz says the transfer of money is the final task of four that were given to him when the lottery started.

Clontz says one of the reasons they were able to pay off the loan earlier than expected was the boost in ticket sales from the $1.6 billion Powerball. He says the first transfer to the State will be $1 million and will be made on April 5. The amount of future transfers will depend on sales and money management.

Clontz says the lottery will look into adding more games now that the startup loan is paid off.

State law requires that the first $6 million of lottery proceeds be distributed to cities, towns and counties on a quarterly basis. Proceeds above that $6 million will be directed to a State education fund.

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