Despite Powerball Drop, Iowa Posts Record Numbers
July 25, 2013 – In a TV news conference Wednesday, Iowa Lottery CEO Terry Rich told the press that the Lottery had posted record sales and profits for fiscal year (FY) 2012, even while sales for the multi-state Powerball game dipped.
Ticket sales over the past year reached their all-time record of $339.3 million, growing by almost 10 percent over last year’s $310 million in sales.
Profits collected from sales – which in Iowa are mostly deposited into the state’s general fund – totaled $84.9 million. That beats out the Lottery’s all time record of $80.9 million from 2006. Profits grew about 8 percent over last year.
FY 2012 also marked the first year of prize payouts exceeding $200 million – great news for Iowa Lottery players.
In all, $200.8 million went to players, growing by about $20 million over last year’s $182 million in prize money.
Although actual sales for Powerball tickets dipped this year – Rich estimated at the press conference as much as 15 percent – the frenzy accompanied by two jackpots higher than $500 million helped boost revenue, along with the higher price per ticket.
In January 2012, Powerball was restructured and jumped from $1 to $2 per ticket in an evidently successful effort to generate higher jackpots.
“This was an incredible year for the Iowa Lottery,” Rich said. “We had a very strong year…and we imagine that trend will continue.”
You can learn more about where the Iowa Lottery’s proceeds go here.