State Hits Lottery Jackpot: Transfers Exceed Expectations by $26.6 Million
With more than $447.3 million in revenue for fiscal year 2013, the Louisiana Lottery Corporation transferred $160.2 million to the state treasury for K-12 public education. The annual contribution is the Lottery's second highest ever, up $3.3 million over last year and $26.6 million more than what the state expected.
Fourth quarter figures for fiscal year 2013 show Lottery revenue totaled $119,050,279 and resulted in a treasury transfer of $45,317,595. The June transfer included a surplus of $3.65 million due to operational efficiency. The Lottery's total fiscal-year state proceeds were $160,214,975.
"This is what happens when you take two record Powerball jackpots and combine them with scratch-off sales that are running $30 million higher than they were just five years ago," noted Lottery President Rose Hudson. "I am pleased that the Lottery continues to live up to its mission to maximize revenue for our state while upholding the highest standards of integrity and public trust."
A $587.5 million Powerball jackpot in November 2012 followed by a $590.5 million jackpot in May helped contribute to draw-style game sales that were about $13 million better than fiscal year 2012. In addition, the Lottery's focus on inventory management is enabling retailers to stock the right quantity and mix of scratch-off games that sell best for their stores.
Those strategies and record jackpots resulted in retailer compensation of more than $24.7 million for fiscal year 2013, which includes five percent sales commission, incentives for cashing winning tickets and bonuses for selling winning tickets.
Under state law, 35 percent of Lottery proceeds is transferred to the state treasury and dedicated for K-12 public education. No other lottery jurisdiction in the U.S. contributes a greater percentage of revenue to its government. At least 50 percent of revenue is returned to players in the form of prizes. Less than 10 percent is retained by the Lottery for operating costs.
Since the Lottery began operations in 1991, more than $7.6 billion in revenue has been generated, primarily from ticket sales. More than $2.7 billion has been transferred to the state treasury.
"This past fiscal year's results have certainly given us a reason to smile," Hudson added. "I'm equally as excited about the future as we look to new strategic alliances to connect players with popular brands as well as innovative technology that will assist our sales teams in ensuring retailers meet their full sales potential."
Lottery ticket purchasers must be at least 21 years of age. The Lottery encourages anyone with a gambling problem, or friends of anyone with a gambling problem, to call toll-free 1-877-770-7867 for assistance. Recent financial statements and historical treasury transfers can be found on the Lottery's website.