Bayshore Broadcasting Corporation

From Where I Sit

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July 5, 2012
Dan McLean
by: Dan McLean

Lottery Money More Than About Winning

 

This Friday night history will be made in Canada.

Lotto Max will set a new Canadian lottery record with a total of 100 million dollars to be won.

50 million will be the big prize because 50 million is the highest permitted jackpot with lotto max, so there will be an additional 50 draws for one million apiece.

So hypothetically we could have 50 new millionaires in Canada and 1 megamillionaire come Friday night.

I trust everyone has a ticket or will have by Friday.

I have said it before,  I do have a problem with the government making money through gambling and that really is all this is. But putting that aside, I also wondered where does all this money go once its in the government coffers....does the majority of it go to a useful purpose? 
 
According to OLG, the corporation generated approximately 3.7 billion dollars in economic activity in Canada in 2011.

And here is where the money went.

$120 million Gaming proceeds made available to the Ontario Trillium Foundation for local and provincial charities
 
$1.9 million to Sponsorship of community festivals and concerts
 
$1.8 billion Hospitals, health-related programs and other provincial priorities
 
$946.6 million, Payroll for more than 18,000 employees.
 
$223.6 million, Commissions to lottery retailers
 
$110.6 million, Payments to municipalities that host OLG gaming facilities.
 
So I would have to say it would appear that much of it does go to a useful purpose,

I'm Dan McLean and From Where I Sit -- that is a great deal of money, but given the odds of winning any of it, I'm told you have a better chance of being hit by lightning....twice...

I don't expect to become a millionaire this Friday night or anytime in the foreseeable future but it sure would be nice wouldn't it. 

Good Luck everyone, If it can't be me I hope its you!!!

 

From Where I Sit is on 560 CFOS Mondays, Wednesdays and Fridays 7:08 am and 5:08 pm

Posted: 2012-07-05 07:58:13

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