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10/28/2010 - 10:06 AM Lottery First Quarter Revenue Remains Steady; Transfers to State Exceed Budget For the first quarter of fiscal year 2011, the Louisiana Lottery Corporation transferred $32.3 million to the state treasury, down 3.4 percent from 2010 but exceeding budgeted transfers by nearly $1 million.With first-quarter revenue of $92,320,205, the Lottery contributed $32,312,085 to the state which was $989,753 more than budgeted. Thirty-five percent of Lottery proceeds are 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. Lottery President Rose Hudson credited the Lottery's success over the last three months to double-digit increases in scratch-off game sales, but noted that Powerball sales have taken a hit due to less frequent high jackpots. "Utilizing operational savings, we strategically increased the payouts on our scratch-offs games and are seeing phenomenal results in that product line," Hudson explained. "Powerball sales are driven largely by jackpot size. With 10 new lotteries joining the multistate game in February, jackpots are getting hit more frequently before they can build due to an increased player base." Retailers earn five percent sales commission on Lottery tickets, amounting to $4,763,092 for July through September of 2010. "Facing new economic realities in our state, the Lottery responsibly offers its products as an inexpensive form of entertainment," added Hudson. "Lottery tickets continue to provide added value through second-chance drawings, such as with our World Champions New Orleans Saints scratch-off which launched this quarter." In addition to instant cash prizes of up to $100,000, the Saints scratch-off game gives players the chance to win official autographed Saints merchandise prizes as well as game-day experience prize packages. It is the second time the Lottery has offered a Saints-branded scratch-off game. Hudson also noted that Lottery ticket purchasers must be at least 21 years of age and encouraged anyone with a gambling problem, or friends of anyone with a gambling problem, to call toll-free 1-877-770-7867 for assistance. For security purposes, the Lottery strongly encourages players to sign the back of their ticket after purchasing. More News |
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