Tuesday, June 16, 2009

Lottery Grows when Economy Slows

The Silverbush family won the $35 million lotto

SYRACUSE, N.Y. -- In economically turbulent times, people turn to chance to try to top their bank accounts.

Lottery sales are up $177 million in New York State from last year, a 5.1% increase, Scientific Games reported.

“They [lottery pots] grow a little in hard times when some people turn to them,” said Syracuse University Economics Professor John Yinger.

“A dollar and a dream. That’s it. That’s my philosophy with the numbers,” said Craig Davis, the owner of Seven Styles Store, the owner of a convenience store that is selling a lot of lotto tickets on South Salina.

While Davis hasn’t sold any big winning tickets lately, on the other side of town, Bob Fantacone, owner of Chase Cigar Store, sold the Silverbush family the $35 million ticket that had Syracuse in suspense.

The family came out publicly yesterday to claim their millions, a dream that many Central New Yorkers have.

“A week doesn't go by that we don’t have a thousand dollar winner, a couple of five hundred dollar winners, things like that on the instant tickets. We sell so many of them…that there have been a lot of winners,” said Fantacone.

In an economy where keeping a job feels like winning the lottery, a little luck, means a big win.

NCC News Reporter Nicky Byiliangiro reports on New York's thriving lotto

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