Ticket sales are on track to start later this year as the pieces are coming together for the lottery corporation.
November 1 is the target date for Mississippians to be able to buy lottery tickets for the first time in the state.
Three finalists were interviewed to lead the Mississippi Lottery Corporation in the end, the board settled on one name – still to be signed off By the Governor.
“We selected one of those candidates and now we are presenting that candidate to the governor, Governor Phil Bryant will sign off on that hopefully today or tomorrow,” Gerard Gibert the Vice-chairman of the Mississippi lottery board said.
He says the board valued creativity over operational know-how.
“The choice really was between individuals that come with a lot of operational and financial and systems experience if you will or an individual who had a strong background in marketing and game design and promotion and revenue generation the board felt the ladder set of skill were the more desirable,” said Gibert.
The five-person board also picked the financial partner, Hancock Whitney Bank that will be a credit facility, treasury, deposit servicer and will be responsible for millions of dollars
“We’re optimistic that here in Mississippi we can crest the $200 million mark we think within a year,” he said,
All of the money in Mississippi’s pockets comes at a cost to border states.
The board estimates a loss of $60 to $70 million dollars a year to neighboring states with a lottery.
The first $80 million grossed from the lottery will go to the state’s highway fund. Any money exceeding will go to the education enhancement fund.