You might have heard that the Arkansas Lottery has earned $1 million in net proceeds for scholarships. The reality right now is a little different.
Rep. Steve Harrelson wrote yesterday on his blog, Under the Dome, “The first six million in net proceeds will cover the startup loan appropriated by the legislature.”
So, the Arkansas Lottery has to net $5 million more before any money can go to scholarships. Over the next few days, if you hear politicians, the lottery director, or the media proclaim that $1 million has been earned for scholarships, remember the truth: The lottery has to pay off its $6 million loan before scholarship money starts coming in.