Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lottery Winnings-Looks Can Be Deceptive State-sponsored lotteries are extremely popular and highly successful methods by which state governments in many countries raise much-needed funds for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Lottery Winnings-Looks Can Be Deceptive State-sponsored lotteries are extremely popular and highly successful methods by which state governments in many countries raise much-needed funds for financing public expenses, especially education. In Michigan alone, during the year 2015, Michigan Lottery reported annual sales of $2.7 billion, and generated $795.5 million in net revenue for the state School Aid Fund, supporting public education (K-12) programs through- out the state. Retailers received annual commissions of $203.6 million, while Michigan Lottery players collected prizes worth $1.69 billion. Table 1 presents sales and funding figures accounted for by the Michigan Lottery since its inception in 1972 up until fiscal year 2015. The numbers are quite impressive! 0 Mega Millions is a multi-state draw game, formerly known as The Big Game. On January 31, 2010, the Multi-State Lottery Association (MUSL) an association of 37 member lotteries, joined with the 10 participating Mega Millions states including California, Georgia, Illinois, Massachusetts, New Jersey, New York, Ohio, Virginia, and Washington to participate in the Mega Millions game with Michigan. On December 12, 2010, Megaplier, an add-on game to Mega Millions, began where players can increase their prize by two to five times. The Megaplier number is selected at random before each drawing. If a player wins a non-jackpot prize on Millions wager, their prize is increased by the Megaplier number drawn and they can win up to $5 million. Beginning October 19, 2013, the Mega 26 their Mega SAMSUAIG

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Analyse Bank Financial Statements

Authors: Thomas Padberg

1st Edition

0857195182, 978-0857195180

More Books

Students also viewed these Finance questions

Question

Decision Making in Groups Leadership in Meetings

Answered: 1 week ago