4/18/2008 - 3:06 PM
Lottery Transfers Nearly $14 Million from March Revenue to the State Treasury
The Louisiana Lottery Corporation announced today that it has transferred nearly $14 million from March revenue to the state treasury department, bringing its fiscal year total transfers to more than $99.8 million.
President Rose Hudson said that March revenue of nearly $40 million resulted in $13,997,750 being sent to the state treasury.
"Since we began operations in 1991, over $5.5 billion in revenue has been generated by Lottery scratch-off and draw-style game ticket sales and over $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, which is earmarked for the Minimum Foundation Program that funds public education in Louisiana. At least 50 percent of sales is used to fund Lottery 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.
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 encouraged to call toll-free 1-877-770-7867.