THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Sunday, February 25, 1996 TAG: 9602230024
SECTION: COMMENTARY PAGE: J4 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 29 lines
The Feb. 5 letter to the editor ``State profits'' regarding the Virginia Lottery is based on a faulty premise. I would like to set the record straight.
The writer of this letter, Mr. Silverman, does not accurately describe the process for lotto jackpot prizes which are paid over 20 years. When the lottery advertises a $1 million jackpot, it actually has about $500,000 cash. That money is invested in U.S. government bonds, which over the 20 years becomes $1 million. All principal and interest go to the player. The lottery does not keep any of the principal or interest, as Mr. Silverman implies.
If Mr. Silverman or other readers have any questions about the lottery prize system, they are welcome to call the lottery's public-affairs office at (804) 692-7777.
PENELOPE W. KYLE
Lottery director
Virginia Lottery
Richmond, Feb. 5, 1996 by CNB