Sunday, August 31, 2014

A lottery where everybody wins

Posted By on Sun, Aug 31, 2014 at 7:11 AM


Coincidence: The Arkansas Democrat-Gazette reported today on plans by state Sen. Jimmy Hickey to push a contract with a consultant who'll come up with ways to help the flagging Arkansas lottery. (Count me as skeptical about Hickey's good intentions. He's no lottery fan.)

But here's a winner from the New York Times: A report on the use of lottery gimmicks by savings institutions such as credit unions to encourage people to save by offering lottery drawings on deposits. 

They offer what are known as prize-linked savings accounts, which essentially treat every deposit as a ticket in a prizewinning raffle. The idea is to offer the thrill of gambling without the risk. Even perennial losers keep their savings.

These accounts have won support from a rare combination of liberal poverty advocates and conservatives who like the private market-based approach and emphasis on personal responsibility. In Congress, bills to modify federal banking laws and permit more financial institutions to offer prize-linked accounts have Republican and Democratic co-sponsors. And several states, including Indiana, Connecticut and New York, have modified their banking laws to allow credit unions to offer such programs.

Everybody wins. Losers still have savings, earning a speck of interest at today's rates.

Tags: , , ,


Speaking of...

Comments (5)

Showing 1-5 of 5

Add a comment

Subscribe to this thread:
Showing 1-5 of 5

Add a comment

More by Max Brantley

  • Fort Smith mosque vandalized

    Fort Smith's Al Salam mosque was vandalized Thursday morning.
    • Oct 20, 2016
  • The open line and headlines

    Here's the Thursday open line and mid-afternoon news roundup.
    • Oct 20, 2016
  • Kochs spread money around Arkansas

    The Koch Industries PAC spread a lot of money around in September, including significant sums in state legislative races around the country. All politics is local when you have a big polluting industry to look after.
    • Oct 20, 2016
  • More »

Readers also liked…

  • Mary Steenburgen adds voice against gay discrimination law

    Mary Steenburgen, the Arkansas native actress, has added her voice to those opposing HB 1228, the bill aimed at preserving legal discrimination against gay people under the pretext of religious freedom. It would create untold other complications for all sorts of government activities to give people a religious excuse to avoid the law.
    • Mar 3, 2015
  • Rep. Nate Bell blasts adoption story before seeing it; 'rehoming' bill introduced

    Response to our story about rehoming and adoption has been overwhelmingly positive, with one exception. Rep. Nate Bell (R-Mena) has informed me that writing this story makes me the predator and Justin Harris the victim. I'm hellbound, apparently.
    • Mar 4, 2015
  • Foster family disputes key statements from Justin Harris

    Craig and Cheryl Hart were the foster parents of the two sisters who were adopted by Rep. Justin Harris and his wife Marsha and later "rehomed." The Harts say that the adoption was allowed to proceed over the objections of the foster parents and local DHS staff due to pressure exerted by Cecile Blucker, head of the Division of Children and Family Services, on behalf of Justin Harris.
    • Mar 7, 2015

Most Shared

Most Viewed

Most Recent Comments



© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation