New Jersey Considers Privatizing Lottery

New Jersey is asking lottery companies to bid for the right to run the state's massive game of chance.

It would cost the winning bidder $120 million up front and a share of profits annually, according to The Asbury Park Press which first reported on the plan. But the winner could make more than $1 billion over the course of a contract that would run from next year until 2029.

Gov. Jon Corzine's administration explored the idea of letting a private company run the lottery, which is the nation's 8th largest.

A task force recommended the change to Gov. Chris Christie last year.

Illinois outsourced its lottery operations last year and other states are looking into doing it soon.