Today 37 states and the District of Columbia have some type of lotto or lottery in place. And the revenues for some are staggering. While we're knee deep in numbers let's take a look at where the money is going. The portion that actually goes into the state coffers for education or some other public good is somewhat smaller than you might think. Finding out how much goes to administration, commissions and advertising is a little more difficult.
Most states are happier talking about the winnings and the amount of money they raise.
But, as we said in our opening, it's a tax that no one is forced to pay. That's the interesting thing. At the same time that people are revolting against the IRS, they appear perfectly willing to voluntarily pay taxes if they believe there's a chance at a payoff. Let's see if we can't take these big numbers and break them down into something understandable. Take Colorado as an example.