>On that train of thought, what prevents a new lottery from coming in and offering a _generous_ -50% lottery, offering ~5x as much money as before? federal-lev

>On that train of thought, what prevents a new lottery from coming in and offering a _generous_ -50% lottery, offering ~5x as much money as before? federal-level gambling syndicate isn't something that a private party can easily jump into. so the answer is : a mix of 'grandfather'd-in' and protectionism, if we're talking U.S. here.