77°
Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

LA Lottery sales figures drop, impacting state treasury

1 month 2 days 16 hours ago Tuesday, November 12 2019 Nov 12, 2019 November 12, 2019 10:49 AM November 12, 2019 in News
Source: WBRZ

Officials with the Louisiana Lottery Corporation say even though people are purchasing scratch-off tickets, sales figures for this fiscal year are down. 

This means the Lottery's deposit to the State Treasury for the first quarter of the 2020 fiscal year wasn't as significant as last year's. 

This time, the Lottery transferred $39.1 million to the state treasury, a notable drop in how much it delivered during the same quarter last year.

Lottery President, Rose Hudson said, “Sales figures for this fiscal year are currently down due to a lack of the large Powerball and Mega Millions jackpots occurring during the last three months. Even though scratch-off sales continued to climb, up 4.5% over last year. Although they are unpredictable, the power of large jackpots to influence overall sales cannot be understated.”

With first-quarter revenue of $111,751,634, the Lottery contributed $39,113,070 to the state treasury, which was about $737,000 off-pace with budget projections. By law, at least 35% of Lottery proceeds are transferred to the state treasury and dedicated for K-12 public education. Roughly 53% of sales fund prizes and less than 6% is used to operate the Lottery.

Since its inception in 1991, the Lottery has transferred more than $3.7 billion to the state.

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days