Lottery Third Quarter Transfers Exceed Budget as Revenue Soars
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Up nearly 22 percent over last fiscal year, the Louisiana Lottery Corporation's third quarter treasury transfers of $43.6 million exceeded the state's expectations by more than $10.5 million.
"We're elated to be making such a positive impact on Louisiana not only as a revenue source but also in giving our players lots of reasons to smile," said Lottery President Rose Hudson. "It's a fun job and we're good at it!"
From January to March of 2012, third-quarter Lottery revenue of $124,585,716 resulted in a state contribution of $43,605,010, bringing total fiscal year-to-date transfers to $114,073,050. Thirty-five percent of Lottery proceeds are transferred to the state treasury and dedicated for K-12 public education, with the first $500,000 funding problem gambling programs. No other lottery jurisdiction in the U.S. contributes a greater percentage of revenue to its government.
Hudson credited the Lottery's success over the last three months to a record-shattering $656 million Mega Millions jackpot, solid Powerball sales and record scratch-off game sales. The Lottery joined the multistate game Mega Millions in November of 2011 to give players more jackpot game options in advance of Powerball's move to a $2 price point in January. The strategy appears to be working with the Lottery's combined fiscal year-to-date multistate jackpot game sales up nearly a third over last year.
"The world-record $656 million Mega Millions jackpot in March gave us a huge boost in sales, accounting for $16.2 million over the course of the 19-draw sales period. That combined with a large Powerball jackpot of $336 million in February helped sales soar last quarter," Hudson noted.
Retailers earn five percent sales commission on Lottery tickets, plus incentives for cashing winning tickets and bonuses for selling winning tickets. Retailer compensation totaled more than $6.8 million for January through March of 2012.
"The Lottery is on a roll, hitting new highs in maximizing revenue for our state," added Hudson. "Increased prize payouts for scratch-offs and excellent inventory management help keep our players happily entertained with meaningful prizes, added value and lots of choices. Our strategic alliance with Crystal Hot Sauce to produce Crystal Hot Cash and our Bicentennial-themed game Lovin' Louisiana have been extremely popular."
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 tickets after purchasing.
More information on the Louisiana Lottery can be found on its website, on Facebook at www.facebook.com/louisianalottery or on Twitter at www.twitter.com/LALottery.
"We're elated to be making such a positive impact on Louisiana not only as a revenue source but also in giving our players lots of reasons to smile," said Lottery President Rose Hudson. "It's a fun job and we're good at it!"
From January to March of 2012, third-quarter Lottery revenue of $124,585,716 resulted in a state contribution of $43,605,010, bringing total fiscal year-to-date transfers to $114,073,050. Thirty-five percent of Lottery proceeds are transferred to the state treasury and dedicated for K-12 public education, with the first $500,000 funding problem gambling programs. No other lottery jurisdiction in the U.S. contributes a greater percentage of revenue to its government.
Hudson credited the Lottery's success over the last three months to a record-shattering $656 million Mega Millions jackpot, solid Powerball sales and record scratch-off game sales. The Lottery joined the multistate game Mega Millions in November of 2011 to give players more jackpot game options in advance of Powerball's move to a $2 price point in January. The strategy appears to be working with the Lottery's combined fiscal year-to-date multistate jackpot game sales up nearly a third over last year.
"The world-record $656 million Mega Millions jackpot in March gave us a huge boost in sales, accounting for $16.2 million over the course of the 19-draw sales period. That combined with a large Powerball jackpot of $336 million in February helped sales soar last quarter," Hudson noted.
Retailers earn five percent sales commission on Lottery tickets, plus incentives for cashing winning tickets and bonuses for selling winning tickets. Retailer compensation totaled more than $6.8 million for January through March of 2012.
"The Lottery is on a roll, hitting new highs in maximizing revenue for our state," added Hudson. "Increased prize payouts for scratch-offs and excellent inventory management help keep our players happily entertained with meaningful prizes, added value and lots of choices. Our strategic alliance with Crystal Hot Sauce to produce Crystal Hot Cash and our Bicentennial-themed game Lovin' Louisiana have been extremely popular."
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 tickets after purchasing.
More information on the Louisiana Lottery can be found on its website, on Facebook at www.facebook.com/louisianalottery or on Twitter at www.twitter.com/LALottery.