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Wyoming Lottery Archives - Page 2 of 3 - LotteryHUB News

Wyoming Lottery Choosing Lender Next Week

Aug. 9, 2013 – The nine member board in charge of getting the fledgling Wyoming Lottery off the ground by early 2014 said it will decide next week from which bank it will accept a $1 million start-up loan. The Lottery sent requests for the funds to six banks in Wyoming at the end of July, and today is the final day for banks interested in loaning the $1 million to submit a proposal. Two banks have already submitted proposals, and the board told the Billings Gazette they expected two more offers by the end of the day Friday. “Whoever has the lowest fees and interest rate will get it,” said Barry Sims, Vice Chairman of the Lottery’s board. The start-up loan will allow the board to start checking more items off its to-do-list, including finding a CEO.  The search for leadership began in earnest a few days before lender requests, when a job listing was posted on lotteryinsider.com The board told the Gazette that they’ve narrowed the list of candidates to three top prospects, whom they’ve invited to Cheyenne for interviews two weeks from now. While estimates for the future CEO’s salary have ranged from $150,000 to $700,000 a year, the board has said they’re most likely to offer less than $250,000 a year – nearly a quarter of the start-up loan they’ll sign for next week. The rest of the money will help complete the start-up plans.  The Lottery will need to choose a vendor to create and distribute games – state lawmakers have ruled that instant games won’t be offered in Wyoming. The board must also find retailers, and will have to hire a contractor to perform background checks on employees at an estimated 400 locations. Finally, the board must settle on office space for the Lottery’s headquarters.  They told the Gazette they’ll be visiting locations in Cheyenne in two weeks, and are looking for a high-profile location...

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Wyoming Lottery Authorizes Loan Applications

July 25, 2013 – The nine-member board of the Wyoming Lottery Wednesday authorized the search for a $1 million line of credit – “enough money to get us started,” said board member Ross Newman. The Billings Gazette reported that the board will begin sending out loan applications to Wyoming banks Thursday. The money will help the fledgling Lottery take big steps in getting off the ground by its target launch date of January 2014. Among their largest expenses will be a salary for the yet-to-be hired CEO.  The search for leadership began late last week, after board members agreed on essential qualities and posted a job description on industry website lotteryinsider.com. The loan, which is likely to be secured quickly, will also help the Lottery move into office space in Cheyenne and find a vendor to produce and distribute games. Vice Chairman Barry Sims told the Gazette that banks would have until Aug. 9 to reply to loan requests, and the money will come sometime before Aug. 30. Board members have said that Wyoming banks already expressed interest in lending start-up funding. “Most banks were receptive to the idea because you don’t see lotteries fail,” board member Mark Macy said. The board expects to bring in about $20 million in profits in the first year of operation, and acknowledge they’ll be in debt once they get off the ground. But not for long – many lotteries are able to pay off their start-up loans within the first few weeks of operation.  Florida’s lottery managed to settle their debt in under three weeks, and Tennessee’s was back in the black in just 10 days....

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Wyoming Starts Search for CEO

July 23, 2013 – The Wyoming Lottery, which on July 1 began working towards its target launch date of February 2014, recently mapped out an initial checklist of tasks it must complete to reach that goal. Not least among them was finding a CEO who could assist the nine-member board of the semi-private Lottery in start-up efforts, and this week the search for leadership began in earnest. Thursday, the board of the Wyoming Lottery Corp. posted a job listing on lotteryinsider.com and the Public Gaming Research Institute website – both leaders in providing information to the lottery industry. The week before, the board had settled on 15 essential qualities they were looking for in a CEO, 10 of which they said would be stressed in any job listing posted, according to the Billings Gazette. The listing explains that Wyoming is the 44th state to authorize a lottery, and that they are searching for a CEO who can “direct and manage an aggressive start-up plan and the day-to-day operations of the Wyoming Lottery Corp.” Candidates should have excellent presentation skills, as they’ll represent the Lottery Corporation in front of the Wyoming state legislature, and any CEO should be “excited by the challenge… of starting the Wyoming Lottery from ground zero”. The board has stressed that they’re looking for a leader with prior experience as a lottery director, especially one who has navigated the difficult start-up period before any tickets can be sold. They met with the executive director of the Tennessee Lottery, Rebecca Hargrove, who helped build several lotteries from the ground up, including the Georgia Lottery – the model which Wyoming will follow. Hargrove insisted that the lottery is a “zero mistake business,” and the board of the Wyoming Lottery is willing to pay big money to ensure no mistakes are made in the early stages of organizing. Board members have said that a rumored $175,000 salary for their CEO was too low to attract the candidates they’re looking for. The executive director of the...

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Wyoming Lottery Estimates $20 Million Profit In First Year

July 15, 2013 – After reviewing a preliminary budget Friday, the nine board members of the newly-formed Wyoming Lottery estimated that ticket sales in the first year of operation could generate $20 million. Lottery board chairman Scott Gamroth reminded the Billings Gazette that the figures “are all approximate and this is not testament to any kind of schedule we have developed or announced.” The estimate was based lottery industry information provided to Wyoming lawmakers. As compared to other U.S. lotteries, the revenue projections are somewhat modest because the Wyoming Legislature decided against offering instant games.  It is likely that Wyoming will only sell tickets for multi-state games like Powerball. The law that created the Wyoming Lottery dictates at least 45 percent of ticket sales be awarded to lottery players as prize money, which would leave an estimated $10 million in state profits in the first year. The Lottery’s net profits will be deposited in Wyoming’s general fund and divided between county governments across the state.  Surplus profits would go directly to educational programs. Commissioned July 1, the Wyoming Lottery has since been working towards a tentative launch date of January 2014, though some estimates now point to February 2014 instead. The Lottery must still find a CEO, a vendor to handle distribution and operations for the Lottery, real estate for the Lottery’s headquarters, employees, and investors for start-up loans. Board member Barry Sims, former CEO of Taco John’s International, told the Gazette that the board expected to have financing in place within the next month. The search for a CEO will begin in earnest within the next week or so, after the board agreed Friday on 15 essential qualities they’ll be looking for in CEO...

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Wyoming Lottery Sets Target Launch Date

July 9, 2013 – The nine-member board of the fledgling Wyoming Lottery met for the first time Monday and quickly got to work, hoping to reach or beat their goal of getting the Lottery off the ground by January 2014. But the kickoff for ticket sales in the state is a long way off, as the board must choose a CEO for the semi-private Lottery corporation, which was created as a private entity to avoid placing risk on the state government. They must also choose a Lottery vendor, a private company that will help the Lottery’s operations maximize profit. In light of the Illinois Lottery’s legal troubles with its vendor Northstar, the Wyoming Lottery’s choice of vendor could have great – or grave – implications for their projected $24 million annual profits. Before any of those decisions are made, the Lottery must find financial backing from banks and investors willing to take a risk. Board member Mark Macy told Wyoming’s Star Tribune that the board expects investments to come fairly easily, and that the Lottery has been well-received by potential lenders. “Most banks were receptive to the idea because you don’t see lotteries fail,” Macy said. In fact, most lotteries are able to cover their start-up loans very quickly.  For example, the Florida Lottery was able to pay back its loans in its first 17 days of operation, including interest. Among other obstacles before kicking off ticket sales in Wyoming are choosing retailers and finding a lawyer. Legal advice will be necessary to write a contract for whomever the CEO may be – whose salary will be well over $175,000 according to board members’ comments. As for the board, their salaries are already set.  They’re being paid $150 per day for days that they meet, and according to the Star Tribune must pay travel expenses out of pocket until the Lottery turns a profit. It’d probably be a safe bet to say they’re hoping to beat Florida’s 17-day payback...

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Wyoming Lottery Board Members Appointed

July 1, 2013 – After the Wyoming Lottery Act went into effect this morning, Gov. Matt Mead was tasked with appointing the nine board members that will build the new Lottery from the ground up over the next year. This afternoon, Cheyenne CBS News 5 reported that Gov. Mead had completed his appointments, and released the names of his nine appointees. Mead said that “the board members are truly Wyoming leaders in their areas of expertise,” and that he “appreciates their willingness to work on this challenging endeavor. The board members are: Dave Bonner, of Powell.  Bonner is a 51-year veteran of the newspaper industry, and has served in the state House of Representatives, among other public offices. Brian Scott Gamroth, of Casper.  Gamroth is best known as a morning radio show host, and is a successful and active fundraiser.  He has been a Wyoming radio personality for nearly 20 years. Jim Griffin, also from Casper.  Griffin was a former statistician for the United States Geological Survey, and has spent nearly 20 years as a Fiscal and Budget Analyst for state lawmakers. Mark Macy of Cheyenne.  Macy is University of Wyoming Law School graduate and a private-practice lawyer specializing in business litigation. Gerry Marburger, of Riverton.  Marburger is a CPA who has spent more than thirty years providing general tax and business tax services, and has served as the president of the Wyoming Society of CPAs. Ross Newman of Torrington.  Newman is a 20-year veteran of the banking industry, with a history of service to the state of Wyoming. Barry Sims of Cheyenne.  Sims recently retired from his position as CEO of Taco John’s International, where he’s worked for more than 25 years. Erin Taylor, also of Cheyenne.  Taylor has a Masters Degree in Economics from the University of Wyoming, and gained experience in regulatory policy and economic analysis working in Washington, D.C. Jim Whalen of Jackson.  Whalen is Sheriff in Teton County, and holds a Master’s Degree in International Criminal Justice. According to...

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