Virginia Lottery to lose millions to gaming machines
The local lottery reported that due to the proliferation of gaming machines in Virginia, they could lose millions this year.
US.- The Virginia Lottery reported that due to an expansion of gaming machines in the state, they could lose approximately US$140 million this year. The Executive Director of the Virginia Lottery talked about the subject with members of the House of Delegates’ appropriation committee.
Kevin Hall, the executive director, said that as of August, the lottery counted under 4,500 of the machines at retailers licensed to sell lottery products. That number represents an increase of over 500 when compared to the number they registered in January.
“What’s alarming here, beginning in spring, is the acceleration of the deployment of these machines into the retail spaces where we conduct the overwhelming majority of our business,” said Hall, according to NBC12.
Moreover, Hall explained they also experienced a decrease in the sale of lottery products in Virginia. He warned that if this trend continues at the alarming rate, the lottery projects revenues to drop by US$140 million.
Despite the warning, the Lottery hit a profit record in 2018
During the last fiscal year, the Virginia Lottery brought in a record US$650 million in profits. The press release from the governor’s office also detailed that sales reached over US$2.29 billion during that period.
The record profits represent a 7% increase over last year. They are equivalent to about US$1.78 million per day for education in the Commonwealth generated by the Lottery. The previous record, set in Fiscal Year 2018, was US$606 million.
Virginia businesses that sell Lottery tickets – some 5,300 retailers – earned nearly US$130 million in commissions and incentives in Fiscal Year 2019. The new results show that local players also benefitted. Roughly 60 cents of each dollar spent on lottery tickets in Virginia goes right back to customers as prizes. Lottery players won more than US$1.4 billion in prizes, including 45 tickets that each won at least US$1 million.
