Powerball kicks up lottery first quarter transfers by double digits
POSTED: Friday, October 25, 2013 - 2:00pm
UPDATED: Friday, October 25, 2013 - 2:05pm
BATON ROUGE, LA — For the first quarter of fiscal year 2014, the Louisiana Lottery Corporation transferred $40.7 million to the state’s coffers, up 13.4 percent from 2013 and exceeding budgeted transfers by more than $5.5 million.
With first-quarter revenue of $116,322,656, the Lottery contributed $40,712,930 to the state treasury. By law, 35 percent of Lottery proceeds are transferred to the state treasury and dedicated for K-12 public education. No other lottery jurisdiction in the U.S. contributes a greater percentage of revenue to its government.
Lottery President Rose Hudson credited the Lottery’s success over the last three months to two back-to-back Powerball jackpot rolls that each reached $400 million, plus a sizeable increase in scratch-off sales.
“While we can’t predict the timing of record Powerball jackpots, we can predict the best scratch-off games that will sell at individual retailers thanks to recently implemented inventory management technology and processes,” she said.
“Getting the right inventory at the right time to our retailers based on their traffic, location and sales history has helped Lottery scratch-off game revenue increase 15 percent on average this quarter.”
Retailers earn five percent sales commission on Lottery tickets, plus incentives for cashing winning tickets and bonuses for selling winning tickets, totaling nearly $6.4 million for July through September of 2013.
“Last fiscal year was our second most successful on record, but 2014’s first quarter results are even better. That’s great news for the state,” Hudson added.