Virginia Lottery hits profit record

The official lottery from Virginia hit a new profit record of US$650 million in the last fiscal year.

US.- The office of Virginia’s Governor Ralph Northam announced on Thursday the figures for the fiscal year ended June 30. Included in that release were the Virginia Lottery numbers, which set a new profit record in fiscal 2018-2019.

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.

“Students and teachers in every part of our Commonwealth continue to benefit from the Virginia Lottery’s record-high proceeds,” said Governor Northam. Approximately 10% of Virginia’s education budget comes from the Lottery.

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.

“As the competitive environment for gaming continues to evolve in Virginia, the Lottery remains a successful, well-run business and a proven, trusted brand,” said Virginia Lottery Executive Director Kevin Hall. “We’re working to develop and deliver new types of games in new ways using new technology to meet customers where they are today. We provide good fun for a great purpose, and that is to generate additional funds for K-12 education in the Commonwealth.”