Kentucky Pace-O-Matic Congratulates Lottery on Record Sales | Your money

0

Lexington, Kentucky, June 21, 2022 (GLOBE NEWSWIRE) — Burning Barrel, which operates skill games powered by Pace-O-Matic, today praised the Kentucky Lottery for continuing to generate record-breaking revenue for the Commonwealth. This growth has occurred at the same time that Pace-O-Matic has expanded its reach.

“The Kentucky Lottery is generating more revenue, with increased sales of scratch games and I-Lottery,” said Mike Barley, spokesperson for Pace-O-Matic, which has also seen increased growth in the state. “We have made it clear that our Economic Forecast figures show that legal games of skill are not having a negative impact on the Lottery, which is confirmed by the Lottery’s continued revenue growth.

Last week, the Kentucky Lottery reported that year-to-date sales (July 2021-May 2022) totaled $1.54 billion, or $85.6 million (or 5.9%) more than the same period last year, and $82 million (or 5.6%) more than planned. Click here to read more.

Barley explained that state residents, small businesses, fraternal organizations, veterans groups, senior citizens and charities all benefit from the smooth operation of the lottery and games of skill. Games of skill could help the state even more financially if the bill passed further regulates games of skill and imposes additional taxes on games.

“At a reasonable tax rate, games of skill could provide more than $100 million in recurring revenue to the Commonwealth each year while providing essential supplemental income to Kentucky’s small businesses and fraternal clubs, like our legion groups. Americans, VFW and Fraternal Order of Police,” Orge said. “A properly regulated and fairly taxed skill games industry will greatly support Kentucky.”

Kentucky’s Pace-O-Matic, which has been operating legal games of skill across the state for nearly two years, could help the lottery. An independent economic study conducted by Dr. Peter Zaleski, professor of economics in Pennsylvania, showed that in a mature market for skill games, lottery sales can increase if these machines are paired with skill machines in a establishment. Proponents of legal games of skill, including small businesses and fraternal clubs in Kentucky, are calling on state lawmakers to pass legislation, so the games are more regulated and provide additional tax revenue to the state.

Unfortunately, the lottery led an unsuccessful effort to make legal games of skill illegal in order to create a monopoly to protect their record revenue in Kentucky.

The foundation of capitalism is competition, but the Lottery doesn’t want to compete, Barley said, adding it’s easy to see why. Skill games give 40% of earned income to the owner of the small business where they are. Lottery retailers only earn 6.25% of the revenue generated. The online lottery/iLottery completely eliminates retailers. There’s a big difference between 40% and 6.25%, and an even bigger difference between 40% and 0%, he said.

“One of the main arguments the lottery has against us is that we didn’t ask permission before coming to the market,” Barley said. “However, those who live in glass houses should not throw stones.”

Barley said that in 2013, when Kentucky Lottery President and CEO Mary Harville served as the lottery’s general counsel, she tried and failed to get approval from the legislature. for KENO.

After failing, Harville and the Lottery consulted with the then Attorney General and came away with an opinion which gave them approval to authorize the Lottery Board to adopt KENO and iLottery. The President of the Senate said he did not believe the Lottery had the authority to take such action.

As part of ongoing efforts to ensure compliance, Pace-O-Matic employs a team of former law enforcement officers to enforce all contract terms and codes of conduct. These contract terms limit the number of machines and where they are placed in a location and have safeguards in place to prevent any underage person from playing on the devices.

# # #

1-877-448-4263 Pace-O-Matic 717-576-6733 [email protected]

Copyright 2022 GlobeNewswire, Inc.

Share.

About Author

Comments are closed.