Feb. 10 (Bloomberg) -- The New York Lottery is proposing a gamble where the odds aren't always in its favor -- moving its $1.3 billion prize fund into investments such as stocks, corporate bonds, real estate and hedge funds and out of the safety of U.S. Treasuries.
If the agency were to double its annual return to 8 percent as it projects, the prize would be $37 million more for state coffers as New York grapples with a record $13 billion budget deficit next year. Losses might reduce proceeds that fund education, said Gordon Medenica, the lottery's director.
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