Tuesday, July 29, 2014

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Controversy over Pennsylvania lottery privatization

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PENNSYLVANIA -- It's been a topic of debate for months, but Governor Tom Corbett's plans to privatize management of the Pennsylvania State Lottery is now facing added scrutiny.

The New York investment bank Greenhill and Company, which has been working with Corbett, reportedly stands to gain big bucks if a deal goes through. According to the Pennsylvania Revenue Department, the company could earn up to $30 million, however, other estimates put that number between $30 and $50 million.

Last month, the first bid was submitted to run the PA lottery. It is one of the nation's largest, bringing in about $3.5 billion in the last fiscal year.

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