"Governor Madison, the reason I'm here today is to express that if the vote passes, I hope the lottery business will be handed to the Hardy Group. You know that Hardy Group runs the best gambling operations in Las Vegas, and we also own ABC Television, giving us a distinct advantage in managing lotteries."
Lottery businesses in the U.S. are not private enterprises. In every state where lotteries are allowed, the business is run by the state government, which then authorizes lottery companies to manage the operations. If Nevada passes this proposal, it will follow the same model.
Lottery companies, after covering operating costs, typically earn about 5% of the total revenue. If there are two draws per week, each with $1 million in bets, the total annual revenue would be around $104 million.
This would mean $5.2 million for the lottery company.
Is that a small amount?
