Wyoming Lottery CEO Jon Clontz. FILE PHOTO
Ever wondered how a lottery gets off the ground? They can't wait until money from ticket buyers fill the coffers, so they do just what any other business does...
For example, the Wyoming Lottery has taken out three lines of credit since the program launched in August 2013.
WyoLotto took out millions of dollars of loans to begin operations, but the final line of credit has been paid down to less than $800,000, lottery Chief Operations Officer Louise Plata told the Casper Star-Tribune in a story published Monday.
Lottery officials plan to pay off the loan and transfer $200,000 in proceeds to the Wyoming Treasurer's Office by the end of the fiscal year June 30, 2016, to give to cities and towns, Plata said.
"The fact that we have a year-plus of sales, our line of credit nearly paid off and are operating self-funded (without state revenue) is something we are proud of," she said.
READ MORE: Star-Tribune
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