11/21/2005 - 9:10 AM
Lottery Transfers Over $10.8 Million From October Revenues to State
The Louisiana Lottery Corporation announced today that it has transferred over $10.8 million from October revenues to the state treasury department.
President Randy Davis said that revenue for October totaling over $31 million resulted in $10,870,295 being sent to the state treasury.
"Since we began operations in 1991, over $4.6 billion in revenue has been generated by our scratch-off and drawing-style ticket sales and over $1.6 billion has been transferred to the state treasury department," he added.
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. Winning ticket holders receive at least 50 percent and retailers receive at least 5 percent. 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. More information on the Louisiana Lottery can be found on its website, www.louisianalottery.com.