Oklahoma voters approved two ballot measures in 2004 that legalized a state lottery by creating an Oklahoma Lottery Commission and a trust fund. The stated purpose of the state's lottery, which officially began in 2005, was to provide much-needed funding for Oklahoma's public schools.
Realistically, the chance of winning a large amount of money is why most people play. Unfortunately, the reality of the situation is that your odds of winning a lottery are quite low. Winning it big is less likely than getting hit by a car. Critics argue that the $5-20 you spend a week or month on lottery tickets would probably be better invested by saving for retirement. However, the lottery is a form of amusement and if you enjoy it, it’s a good way to give back your state through playing along.
The following chart outlines the main Oklahoma lottery laws.
|Code Section||Oklahoma Constitution, Article 10 section 41|
|Distribution of Lottery Revenue||
The Oklahoma State Legislature appropriates 45% of funds in the Oklahoma Lottery Education Trust Fund to elementary and secondary education, K-12. Funding can be used for things such as compensation for public school teachers, support employees and early childhood development programs as well as educational facility construction, capital outlay projects and technology upgrades for school systems.
The State Legislature appropriates 39.5% of funds in the Oklahoma Lottery Education Trust fund to higher education institutions throughout the state. Funding can be used for things such as tuition grants, loans and scholarships for Oklahoma residents, endowed chairs for professors and renovations and expansions projects. These funds can also be used for educational facility construction, capital outlay projects and technology upgrades for educational institutions.
|Additional Purpose of Lottery||The State Legislature appropriates 5.5% of the Oklahoma Lottery Education Trust Fund to the Ok Dept. of Career and Technology Education. CareerTech has used this money to help technology centers and comprehensive schools upgrade their equipment and help system employees further their education. 10% of their funding is used to provide scholarships for students.|
Should the big American dream happen to you, winning a large lottery prize, you should immediately seek help from an experienced tax expert to develop strategy to collect and protect your lottery winnings. There are many steps you can take to ensure you don't lose the money quickly after finally getting rich.
If you've been spending more on the lottery and other gambling activities than you can afford and want to stop, please call the Oklahoma Problem Gambling Helpline at 1-800-522-4700. This helpline is operated 24 hours a day, 7 days a week to help you.
Note: State laws are constantly being updated. It’s best to contact a local gaming attorney or conduct your own legal research to verify any state laws you’re reading about.
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