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This year, the Virginia Lottery has earned a $487 million profit.
The fiscal year that ended June 30 was the best on record for the Virginia Lottery, which launched in 1988. This year, the lottery earned a record $487 million profit. The previous record was $455 million, which was set in 2008.
Lottery players collected $962 million in prizes this year, an $81 million increase over the previous year. But George Mason economics professor Bryan Caplan says the lottery is a tax on the willing.
"The people who are most likely to buy lottery tickets are people with lower education and lower IQ because it's such a horrible deal."
Lottery officials say an unprecedented $656 million Mega Millions jackpot in March was a factor in the increase in revenue. Improved sales of instant scratch-off tickets and growth in the number of lottery retailers also contributed to the spike.
NPR
China Builds Museums ... But Will The Visitors Come?
China is on a spree to build world-class museums and has opened about 100 of them annually in recent years. Two of the biggest opened on the same day last fall on opposite banks of Shanghai's Huangpu River. But filling these museums — with both art and visitors — is proving more challenging.NPR
Nutrition Group Says Chocolate Milk Is OK, No Need For Aspartame
The nation's largest group of nutritionists is urging the FDA to reject the dairy industry's petition to change the definition of milk. The petition aims to allow aspartame or other alternatives to be used to sweeten milk in an effort to boost consumption in schools.NPR
Former IRS Head To Senate: It Wasn't My Fault
Douglas Shulman, who led the IRS during the years when agency workers targeted tax-exempt applications from conservative groups, did his best to deflect accusations from unhappy senators.NPR
Microsoft Reveals New Xbox One Game System
Microsoft unveiled its new Xbox One Tuesday, displaying a device that takes new steps in game consoles' journey into becoming all-purpose entertainment and communication devices. The new console replaces the Xbox 360, which has been on the market for more than seven years.Leave a Comment
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