
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, May 8, 1993                   TAG: 9305080208
SECTION: VIRGINIA                    PAGE: B2   EDITION: NEW RIVER VALLEY 
SOURCE: Associated Press
DATELINE: RICHMOND                                LENGTH: Short

BANKS AREN'T BEING KIND TO LADY LUCK RIGHT NOW

Lower interest rates and a string of Lotto winners were cited Friday by a state Lottery Department official as reasons for the slowing of the growth in Lotto jackpots

Wednesday's jackpot was $1 million. With no winner, Saturday's grew to $1.5 million.

"This is the first time we've only gone up by half a million between jackpots," said lottery spokeswoman Paula Otto. Normally the jackpot increases by at least $1 million.

The lower interest rates have meant a smaller return on the 20-year investments the lottery makes to pay off winners, Otto said.

The jackpots also haven't been able to build over the past several months because of a rash of winners. When there aren't any big jackpots, not as many people buy lottery tickets, Otto said. Fewer tickets means fewer dollars available for the jackpot.

Still, lottery officials believe they will meet their projected sales of $864 million by the end of the fiscal year June 30. Of that amount, the lottery will turn over $297 million to the state's general fund, Otto said.

Last year lottery sales totaled $846 million.

by CNB