INDIANPOLIS – Despite skepticism from its legislature, Indiana Gov. Mitch Daniels announced last week that the state is negotiating a contract with Morgan Stanley to see if there’s interest in leasing the Hoosier Lottery, the Indianapolis Star reports. The state estimates that a 30 year lottery lease would garner $1 billion upfront, plus additional funds on an annual basis.

"A billion dollars is just our best estimate. It could be more," Gov. Daniels told the newspaper. Illinois and New Jersey also are exploring privatizing their state lotteries.

Indiana House Speaker B. Patrick Bauer said Daniels is moving too fast. “The bill to sell the lottery has not yet even been heard (in the legislature), and they're already putting out apparently feelers for it," said Bauer. "I just think that's jumping the law, if not the gun. I think 'presumptuous' is too soft a word to say when the governor goes ahead and ignores the fact that that bill hasn't passed."

Thus far, both Republicans and Democrats have more questions about the proposal. Some like Bauer have said that a private firm would need to expand gambling a lot in Indiana to turn a profit.