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State Lotto reaches 15 year agreement with GTECH
Updated: Friday, 12 Oct 2012, 1:27 PM EDT
Published : Friday, 12 Oct 2012, 12:54 PM EDT
INDIANAPOLIS (AP) - Indiana officials have signed a deal to hire a private company to manage the state's lottery.
The lottery announced Friday that it had finalized a 15-year contract for Rhode Island-based GTECH to run the lottery's marketing, sales and distribution services. The state lottery commission voted Oct. 3 to select GTECH and work out details of the agreement.
Lottery officials hope the company will boost state profits by about $2.1 billion over the contract's 15 years.
GTECH would earn money if it exceeds a revenue threshold set by the state, but it would have to pay the state if the threshold isn't met.
GTECH is scheduled to take over day-to-day lottery operations on Feb. 1.
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