Taipei Fubon Bank is the designated issuing institution of Taiwan Sports Lottery with the aim of establishing stable and long-term funding for sports development through government–industry collaboration. However, the unexpected disappointment in the sports lottery issuance highlighted the differences of understanding between the government and the private corporation. This study adopted the Sports Lottery Issuance Act as a framework to explore the legal relationship between the government and the issuer based on the relevant legal debate and the structure of the law as well as the perspectives of the government and the private corporation, to provide relevant recommendations as a reference for future studies. This study proposed that the issuance of lottery winnings issuance did not succeed because of administrative intervention, but rather because of the spirit of cooperation that drove the private corporation to fulfill a social responsibility. The industry was integrated and developed, and the administrative departments exercised mutual support, resulting in the introduction of private resources and professionalism into the system. These conditions enabled the Sports Lottery to evolve and function with new operation and collaboration models in addition to the legal framework for corruption prevention.