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Wednesday, November 13, 2019

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Lottery shifts $160M to state treasury last year

Lottery shifts $160M to state treasury last year

BATON ROUGE, La. (AP) — The Louisiana Lottery Corporation brought in more money than expected in the last budget year and transferred $160 million to the state treasury to pay for education programs.

The lottery reported Monday that it took in more than $447 million from players for the fiscal year that ended June 30. Its payment to the state was the second highest annual transfer to the treasury since the lottery began operations in 1991.

"This is what happens when you take two record Powerball jackpots and combine them with scratch-off sales that are running $30 million higher than they were just five years ago," Lottery President Rose Hudson said in a statement.

Under Louisiana law, 35 percent of the money generated by the lottery goes to the state treasury, dedicated to public elementary and secondary education.

Other dollars go to retailers that sell tickets, and at least half of the lottery's revenue pays for prizes for players.

Lottery officials say less than 10 percent of the money pays for their office operating costs.

Since it began 12 years ago, the lottery has brought in more than $7.6 billion, mostly from ticket sales. Of that, more than $2.7 billion was transferred to the state treasury.

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