A bill which would make a change to the state’s lottery law to the benefit of senior citizens has been approved by the House Aging Committee.
State Representative Thomas Murt (from Philadelphia) says it may sound like convoluted math, but the bill seeks to increase lottery profits by lowering the rate of return on lottery games.
“Because of the higher pay-outs, these lottery games have a lower profit margin. However, the higher pay-outs generate more ticket sales,” Murt said. “Even with a lower profit margin, the lottery games will generate more profit because revenues from ticket sales will be higher.” Indeed, such moves have often brought people into other gambling games, as seen with many a slot online, due to the aspirational nature of the potential reward.
Murt says the increased profits would go to programs that benefit senior citizens. Whatever avenues can be used to help the welfare of senior citizens is important, there are many ways in which the elderly need support in day-to-day life, so putting money into certain programs that can aid them will mean that they are able to do things that they couldn’t before, such as day trips out or senior care sessions that will give them a stronger sense of stability as they age. It can be hard for older citizens to navigate through a fast-paced environment so being able to tap into relevant resources will mean that they are able to plan what they need when they need it. For example, senior life insurance may be a requirement which they have not been able to understand, professionals in this sector can walk them through step by step with support, but to get to this point they will need information on how they can get started. Giving money to the pertinent programs can provide this type of guidance.
The bill calls for temporarily lowering the rate of return on lottery games from 25 to 23 percent for the next three fiscal years.
Officials say the PA Lottery has requested the legislation.