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7/24/2007 - 3:02 PM Lottery Announces Record Fiscal Year With Highest Transfer to the State Treasury in 13 Years The Louisiana Lottery Corporation announced today that it had a record fiscal year, transferring more than $128.2 million to the state treasury, the highest amount in 13 years. Lottery proceeds are earmarked for the Minimum Foundation Program that funds public education in Louisiana.Gross revenues for the fiscal year ending June 30 were more than $356.9 million, the highest since 1993, the Lottery's second year of operations. "We are pleased by these results and the teamwork between Lottery employees and our more than 2,500 retailers across the state that contributed to our success during the past fiscal year," said Lottery President and CEO Rose Hudson. "The Lottery consistently makes a positive contribution to the state of Louisiana, while upholding the highest level of integrity and public trust." 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. The Louisiana Lottery ranks fourth in the nation for percentage of revenue transferred to its government and first among lotteries of its size. June's treasury transfer of $13,161,365 included a surplus of $3.3 million, which was a result of the Lottery ending the year below budget on operating expenses and in excess of budget for ticket sales. Since the Lottery began operations in 1991, more than $5.24 billion in revenue has been generated primarily from ticket sales and over $1.86 billion has been transferred to the state treasury department. Players have won more than $2.6 billion and retailers have earned over $281.4 million. Game highlights from the Lottery's past year include the $1,000,000 Spectacular Second-chance Drawing for $1 million; the launch of 39 new scratch-off games, including $100,000 Hold 'Em Poker, a $5 game with drawings for trips to compete in World Poker Tour tournaments; eight Lotto jackpot winners; 24 $50,000 Cash Quest jackpot winners; 25 match-5 Powerball prize winners of at least $200,000 and the first winner of a $1 million Powerball with Power Play prize. "Looking ahead, we will continue exploring initiatives to make the process of selling tickets easier for our retailers and seek feedback in the design and introduction of exciting and entertaining games that our players want to play," said Hudson. Toward that end, the Lottery will introduce a new draw-style game, Easy 5 in September in place of its current game, Cash Quest. Easy 5 will feature a starting jackpot of $50,000 and will launch with a new promotional instant-win option for ticket purchasers. Hudson 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 to call toll-free 1-877-770-7867. More News |
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