STAMFORD, Conn., Feb. 28, 2011 (GLOBE NEWSWIRE) -- The Tri-State area could increase their lottery revenues by a minimum of $1.5 billion annually if tickets to selected lottery games were available online, according to eLottery Inc., the web-based retailer of government lottery tickets.
"It's time for the Governors of New York, New Jersey and Connecticut to take their lottery operations into the 21st century, embrace e-commerce, and sell their lottery products through the internet," says Edwin McGuinn, chairman of eLottery Inc.
Revenues of the Tri-State lotteries in 2010 were over $10 billion, and approximately $3.5 billion were directed to programs like New York state's grades K-12 education program. "Our three state lotteries could increase their revenues by a minimum of 15 percent with an internet sales channel – that's $1.5 billion.
"A properly developed e-commerce sales channel could attract up to 82 percent of the 18 to 34 demographic, new participants who suggest the key reason they'd play was the ease and convenience of making the purchase at home or in the office. and not having to stand on a waiting line. It would have little if any effect on those purchasing tickets through traditional sources, would be secure, more entertaining and addressable to problem gambling concerns," Mr. McGuinn said.
New York lottery revenues in 2010 were approximately $6.7 billion; revenues in New Jersey and Connecticut were $2.59 billion and $1.002 billion. United State lottery revenues were $54.8 billion.
"All of these states are wrestling with monumental deficits and the thankless task of cutting program services and raising taxes. This is one way to address the problem," Mr. McGuinn said.