Idaho Lottery returns record profit for 2012 fiscal year
The Idaho Lottery has published their financial report for the 2012 fiscal year. The report shows a record profit totaling $48.2 million, with $18 million given to support education.
The Idaho Lottery was founded in 1989 with the intention to raise revenue to support education in the state. Since it was started 24 years ago the Idaho Lottery has given more than $600 million in support of public education and the permanent building fund. Proceeds from the Idaho Lottery have helped build and fund schools throughout the state.
This year, the Idaho Lottery returned a record $48.2 million profit, an astounding $7 million more than the record set the previous year. This 16% increase comes with the ever-growing Powerball jackpots, as well as growing popularity of the Idaho Lottery scratch-off games. The 2012 fiscal year saw a 12.4% sales increase over last year, coming in at a record $197.6 million in total sales for the year.
The record profit this year allowed the Idaho Lottery to give more than $18 million to the Department of Education’s School District Building Fund. This is the highest amount the Idaho Lottery has transferred to support education in its 24 years. Along with education, the Idaho Lottery gave just over $18 million to the Permanent Building Fund to help improve necessary projects throughout the state. Lastly, around $12 million was given to the Department of Education Bond Levy Equalization Fund. That makes a total $48.2 million in profits for the 2012 fiscal year.
The Idaho Lottery directors are pleased to report their success over ht previous fiscal year, and hope to continue that success for years to come. The Idaho Lottery Director Jeff anderson believes this is the best time to play the lottery in Idaho.