Illinois would become the first state to privatize its lottery, but it's already being done all around the world and has been for years. So -- who would want to buy it?

The potential buyers are few but the potential profits from purchasing the Illinois Lottery are big. ABC7 News has learned that there are only three U.S. companies that could buy the Illinois Lottery -- Intralot, G-tech, which already provides the online technology for the Illinois Lottery, or Scientific Games, which has the contract for Illinois' instant scratch off tickets.

Intralot's John Pittman says the bidding will be fierce if the Illinois Lottery goes up for sale. He says they are interested in buying the Illinois Lottery.

Intralot currently runs 33 private lotteries around the world in countries including Poland, Romania and Serbia. England and Italy have had privatized lotteries for more than a decade.

Governor Blagojevich's idea is to sell or lease the lottery for $10 billion -- much like Mayor Daley did with the Chicago Skyway -- and then the governor would pump that money into the state's public schools.

Private firms say they can run the lottery more efficiently.

"We can pay people better. We can attract top quality people. And again, not to say the lottery doesn't because they do, but mainly the difference between running a private business and running a governmental entity," said John Pittman, Intralot spokesman.

The deal sounded good enough for State Senator James Meeks, who had been threatening a third-party run for governor, to back out of the race. But republican opponent, Judy Baar Topinka, calls it a scam -- fiscal gimmickry.

Professor Derek Neal, chairman of the University of Chicago's Economics Department, says the plan depends on what the private firms are willing to pay.

"Spend it on whatever you want to, but it makes sense if you have an opportunity to sell an asset for more than you can generate from running the asset yourself -- to do it," said Derek Neal, Univ. of Chicago Economics Chair.

Professor Neal and the private firms ABC7 talked with Wednesday say they really want to hear more specific details from the governor's office before they can say how much the lottery is worth or how much they would be willing to pay.

Indiana Governor Mitch Daniels is also talking about privatizing his state's lottery. He just completed the $3.8 billion lease of the Indiana toll road.

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