Oklahoma authorities have decided to set up an education lottery. Gamblers will buy be able to buy the first ticket within a year.
Oklahoma initiates lottery to support education
After much debate, Oklahoma state authorities have finally decided to organize an education lottery aimed at raising money for educational purposes. Officials are now accepting applications and recommendations for a seven-member lottery commission.
Prospective members will have to undergo lengthy background checks from the Oklahoma State Bureau of Investigation and other agencies, reported Kotv.com.
Education lottery rules will be established after a commission is formed. An executive director, chosen by members of this commission, will also select vendors through which to sell lottery tickets. Officials said that the process may take at least a year before lottery tickets go on sale.
According to the education lottery project, forty-five percent of its proceeds will be used for prize money but at least 35 percent per fiscal year will go to an Oklahoma Education Lottery Trust Fund. Forty-five percent of this fund will go to K-12 public education and early childhood education.
Another 45 percent of the fund will benefit higher education in ways such as tuition, grants, loans and scholarships and the construction of educational facilities. Five percent will go to the School Consolidation and Assistance Fund and the remaining 5 percent to the Teacher’s Retirement System Dedicated Revenue Revolving Fund.
Oudaily.com reported, thousands of Oklahomans already play the lotteries of other states since Oklahoma doesn't have its own lottery. This time, the new education lottery will benefit local education rather than that of other states.
