Louisiana Lottery overtakes its record in the first full fiscal year, which generated estimated revenue of $508.3 million. Louisiana Lottery broke the record after 23 years, when they generated $494.7 million back in 1993.
“After six consecutive years of growth, the Lottery achieved a new all-time high. Although this is certainly an impressive feat in today’s saturated gaming marketplace, our true satisfaction comes in knowing we are accomplishing our mission to raise funds for Louisiana K-12 public education” Said by Lottery President Rose Hudson.
As per the law, at least 35 percent of lotteries sale go to the state. It is estimated about $177.9 has been transferred back to the state during the fiscal year that ended on June 30, 2016. The amount surpassed $27 million more than the anticipated budget.
According to the data revealed, scratch off sales were up by 4.9 percent, compared to previous year. A world-record $1.58 billion jackpot forced powerball game sales up by astonishing 45.5 percent.
Retailers who sell lottery tickets also received about 5.5 percent of sales, this includes commission and incentives for selling the winning tickets. More than $9 billion revenue has been generated, since the Lottery started operations in 1991.
years of raising recurring revenue for the state while promoting a responsible
approach to recreational gaming is something to celebrate,”- Hudson. “That’s why on September 6, 25 years to the day of our first day of sales we will launch a unique
anniversary edition of our popular multiplier family of scratch-offs giving our
players more fun and more ways to win.”