Hoosier Lottery restructures contract with private vendor GTECH Indiana to lower revenue goal

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INDIANAPOLIS — The Hoosier Lottery Commission has restructured its contract with a private vendor after two years failing to meet revenue goals.

The (Fort Wayne) Journal Gazette reports (http://bit.ly/1IOh2d1 ) the commission on Friday redid its contract with GTECH Indiana and cut by nearly $100 million a revenue goal the company promised to meet in a 2012 bidding process.

GTECH's new minimum goal for fiscal year 2016 is $270 million, with an extra incentive goal of $290 million. The original agreement called for a goal of $365 million in 2016.

GTECH also agreed to lower its annual management fee and give the state a one-time, lump-sum payment of $18.25 million.

Lottery revenue this year is expected to drop to $243 million after GTECH pays a $16 million shortfall payment.

Information from: The Journal Gazette, http://www.journalgazette.net

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