4 of 6 A Florida lottery that will be the largest in the nation has gone up for auction.
The Florida Lottery Commission announced on Monday it would purchase the state’s largest lottery from one of the largest sports gambling operators in the world.
The $1.2 billion sale, which will start in December, is the largest lottery ever and will generate about $10 billion in annual revenue.
The commission expects to use the proceeds to pay down the $1 billion debt it had accumulated over the years, said spokeswoman Julie Williams.
But that money could be better spent on the commission’s other businesses, like promoting its gaming programs and providing incentives to attract businesses and people to the state, she said.
In the end, the state plans to spend $150 million on the $2 billion Lottery Florida, and $300 million on other state-owned gambling enterprises.
The state also will spend $300,000 to buy the Florida Panthers hockey team and the team’s $250 million arena.
The auction will run for four years, with the commission bidding from a pool of companies, including the Florida Lotteries Association, the Florida Sports Commission and the Florida Association of Gaming Control Commissioners.
The winners will be announced in December.
The sale of the state lottery will be made possible through the federal lottery program, which is overseen by the federal government.
The government allows states to purchase large numbers of lottery tickets to fund the state budget, and it’s possible that the commission will have the power to purchase tickets that are much smaller, said Josh Greenstein, executive director of the Federal Gaming Regulatory Commission.
The lottery’s sale has been controversial because it will be part of a larger plan to reform the way the country allocates lottery revenues.