Halfway Through Fiscal Year, Lottery Transfers Down But Outpacing Budget

For the second quarter of fiscal year 2015, the Louisiana Lottery Corporation transferred more than $39.2 million to the state's coffers, bringing cumulative transfers for the year to over $75.7 million, $1 million ahead of budget but down 5.5 percent from last year.

 

With second-quarter revenue of $112,043,231 the Lottery contributed $39,215,130 to the state treasury, similar to the same quarter last fiscal year. By law, 35 percent of Lottery proceeds are transferred to the state treasury and dedicated for K-12 public education. The Louisiana Lottery ranks second among U.S. lotteries in percentage of revenue transferred to its government. 

 

Retailers earn 5 percent sales commission on Lottery tickets, plus incentives for cashing winning tickets and bonuses for selling winning tickets, totaling more than $6.2 million for October to December of 2014. 

 

Lottery President Rose Hudson credited the Lottery's six-month performance to the lack of large Powerball jackpots, which was offset by a boost in scratch-off sales.

 

"Powerball accounts for about a quarter of our overall sales," explained Hudson. "With lower jackpots and shorter runs, Powerball sales fell about 35 percent for the first half of this fiscal year compared to last year. The drop has been nearly offset by scratch-off sales, which were up 13.7 percent over last year thanks to inventory management and retail initiatives. The good news is Powerball changes are on the horizon, designed to increase the longevity of jackpot runs and extend play value with more ways to win and larger prizes."

 

Lottery ticket purchasers must be at least 21 years of age. Anyone with a gambling problem, or friends of anyone with a gambling problem, is encouraged to call toll-free 1-877-770-7867 for assistance. For security purposes, players should sign the back of their tickets after purchasing.