Eighth year of record profits for the Ohio Lottery
The Ohio Lottery has released their financial statements for the previous fiscal year, with record profits for the eighth year in a row, beating their previous record by 4.15%.
The Ohio Lottery was founded in 1974, and has been benefitting education in the state since then. In the past39 years, the Ohio Lottery has provided more than $17 billion for education. According to their website, the Ohio Lottery provides approximately 4% of the overall funding for the Ohio Education system. The Ohio Lottery provides revenue for educational programs including Teacher of the Month awards and Academic All-Stars awards. Both of these programs recognize excellence in K-12 students and teachers throughout different districts.
This year, the Ohio Lottery reported record profits, with their total profits reaching more than $803 million, up from $771 million the previous year. The $32 million increase came after the Ohio Lottery added video terminals to their 3 state Racinos. These Racinos provide the Ohio Lottery with extra revenue, with casino-style games and horse races giving all gamblers a fun way to win. The slot-like video terminals have helped increase revenue due to their easy way to play, and immediate notification of whether or not the player won.
Despite higher profits, the Ohio Lottery saw a drop in sales for traditional style games. Traditional lottery games, including instant games and draw games, decreased in sales by 1.4%. These lower sales were expected by the lottery when they made their budget last year. The high amount of sales from video terminals helped compensate for the drop in sales, and allowed the Ohio Lottery to exceed expected profits.
The Ohio Lottery is the ninth largest lottery in the state. This is attributed to the addition of their video terminals, racinos, and successful sales of traditional lottery games.
The Ohio Lottery is proud to boast its success in recent years, and looks forward to a ninth straight record sales for the coming fiscal year.