Governor Glenn Youngkin is celebrating a record year for Virginia Lottery that reportedly resulted in record benefits for schools, retailers, and players.
Although the exact figures aren’t final, Youngkin’s office announced that, during Fiscal Year 2024, which ended June 30, Virginia Lottery had record sales of over $5.5 billion including retail, website, and app sales.
“Approximately 10 percent of Virginia’s K-12 education budget comes from Virginia Lottery profits that assist in funding public schools,” a statement from the Governor said.
The record sales will lead to over $934 million for the state’s education system. According to Younkin’s office that’s the highest education contribution in the Lottery’s 36-year history.
“I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students,” the Governor stated.
But it wasn’t just the state that benefited from the record sales.
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“Virginia businesses that partner with the Lottery by selling tickets earned more than $142 million in sales commissions and bonuses in FY24, a record amount,” according to Virginia Lottery Board Chairman Ferhan Hamid.
“Customers who buy Lottery tickets at retailers typically make other purchases as well. The Lottery is good for Virginia businesses,” Hamid added.
And, according to Youngkin’s office, of the $5.5 billion in Lottery sales for the year, a record $4.2 billion went back to players as prizes, which means for every dollar spent on Lottery games, approximately 77 cents went back to players.
Another record was set related to the costof operating the Lottery. Administrative costs were 3.8% of sales, “efficient” and “a record low rate,” the Governor’s office reported.
Youngkin’s office said figures are not official until the Auditor of Public Accounts completes their audit and certifies the final Lottery profit figures later this month.
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