Lottery Transfers Over $106.4 Million in Revenue to State for Calendar Year 2005.
The Louisiana Lottery Corporation announced that it has transferred over $9.9 million from December revenues to the state treasury department, bringing its calendar year total transfers to $106.4 million.
President Randy Davis said that revenue for December totaling over $28 million resulted in $9,919,900 being sent to the state treasury, which allowed the Lottery to meet its budgeted goal for calendar year 2005 despite having nearly 42 percent of its retailer operations adversely affected by Hurricanes Katrina or Rita in the last quarter of the calendar year.
"Like so many Louisiana businesses, the Lottery continues to face challenges created by the storms. We are proud of the resiliency shown by our retailers. Their cooperation has enabled us to meet our revenue goals," Davis said.
Since the Lottery began operations in 1991, more than $4.7 billion in revenue has been generated by its scratch-off and drawing-game ticket sales and more than $1.6 billion has been transferred to the state treasury department. Lottery proceeds are earmarked for the Minimum Foundation Program, which funds public education in Louisiana.
Under state law, the treasury department receives 35 percent of every $1 sale. 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 operating costs.
Davis noted that all ticket purchasers must be at least 21 years of age and that anyone with a gambling problem, or friends of anyone with a gambling problem, are encouraged to call toll-free 1-877-770-7867.