8/06/2012 - 3:39 PM
Lottery Transfers Catapult to Second Highest Level
With revenue soaring past the $400 million mark for the first time since 1993, the Louisiana Lottery Corporation gave the state a big birthday present for its bicentennial year. Lottery transfers of $156.9 million to the state treasury for K-12 public education are up 15 percent over last year and amount to a whopping $24.6 million more than what was budgeted.
Fourth quarter figures for 2012 indicate Lottery revenue totaled $106,664,118 and resulted in a treasury transfer of $42,832,440. The June transfer included a surplus of $5.5 million, due to operational efficiency. The Lottery's total fiscal-year state proceeds were $156,905,490.
"While our products give thousands of players a reason to smile every day, we couldn't help but do the same after seeing the year-end numbers," said Lottery President Rose Hudson. "I know I speak for every Lottery employee in saying that we are proud of the work we've done this year to contribute to Louisiana when the funds are most needed. What an amazing feeling to meet our mission of raising revenue responsibly and exceeding our transfer goals."
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 is returned to players in the form of prizes. Less than 10 percent is retained by the Lottery for operating costs.
Retailers earn five percent sales commission on Lottery tickets, plus incentives for cashing winning tickets and bonuses for selling winning tickets, totaling more than $23.7 million in fiscal year 2012.
Since the Lottery began operations in 1991, more than $7.1 billion in revenue has been generated, primarily from ticket sales. More than $2.5 billion has been transferred to the state treasury.
"The Lottery has certainly been a winner for Louisiana this year, but also for those who enjoy our games and our local business partners, too" Hudson added. "That's a win-win for us all."
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, louisianalottery.com.