Lottery Transfers Over $9.8 Million to State Treasury from October Revenue
The Louisiana Lottery Corporation announced today that it has transferred over $9.8 million from October revenue to the state treasury department, bringing the total transferred for fiscal year 2008 to $42.3 million.
President Rose Hudson said that October revenue of more than $28 million resulted in $9,842,235 being sent to the state treasury.
"Since we began operations in 1991, more than $5.3 billion in revenue has been generated by our scratch-off and draw-style ticket sales and more than $1.9 billion has been transferred to the state treasury department," she added.
Under state law, the treasury department receives 35 percent of every $1 in Lottery sales, and proceeds are earmarked for the Minimum Foundation Program that funds public education in Louisiana. At least 50 percent is returned to players in the form of prizes and retailers receive at least 5 percent as commission on ticket sales. Less than 10 percent is retained by the Lottery for statewide operating costs.
Hudson noted that all 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.