Lottery Fiscal Year Revenue Steady; State Transfers Exceed Budget
For the first nine months of its 2010 fiscal year, the Louisiana Lottery Corporation transferred $97.8 million to the state treasury, down 1.7 percent from 2009.
Third quarter Lottery revenue was $94,805,458, bringing total fiscal year revenue to $279,434,002 and resulting in a third quarter transfer of $33,181,915.
"Even in the midst of tougher economic times for our state, I'm pleased with our solid performance. Toward that end, the Lottery is currently exceeding budgeted state transfers by $2.3 million through March," said Lottery President Rose Hudson.
By law, the Lottery contributes 35 percent of its revenue to the state, with proceeds earmarked for public education. No other lottery jurisdiction in the U.S. contributes a greater percentage of revenue to its government.
Retailers commission payments for January to March of 2010 amounted to $4,893,857, bringing fiscal year-to-date commissions to $14,441,440. Retailers earn 5 percent sales commission on Lottery tickets.
Hudson credits much of the Lottery's success over the last nine months to sizable jackpots and a new raffle game, which offered players the Lottery's best odds of winning $1 million.
Powerball has been performing well this fiscal year with four jackpots won after topping $100 million. In February, the Lottery launched its second-ever raffle game, selling out of all 300,000 tickets available at $10 each.
"The Lottery continues to be a success story for Louisiana, maximizing revenue for the state while responsibly offering our players exciting games with added value," said Hudson.
She 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.