Treasurer: Lottery Contract ‘A Good Deal’ for NJ
New Jersey’s treasurer says a plan to turn over sales and marketing of the state lottery to a private vendor for $120 million up front will help ensure future profits.
But the woman running against Gov. Chris Christie in November says the administration is privatizing portions of the lottery because it needs the money.
Treasurer Andrew Eristoff told the Assembly Budget Committee on Thursday that the 15-year deal with the lone bidder is good for New Jersey.
The lottery provided $950 million to state programs and institutions last year.
Sen. Barbara Buono, a Democrat running for governor, says Christie’s motivation for handing over a portion of the lottery is strictly financial.
She says the one-shot payment will plug a budget hole.
(Copyright 2013 by The Associated Press. All Rights Reserved.)