Louisiana Lottery Exceeds Own Profit Expectations
Aug. 13, 2013 – The Louisiana Lottery said in a press release Monday that it had generated $447.3 million in revenue in fiscal year 2013, and exceeded its own profit projections for the year by more than $26 million.
The Louisiana Lottery’s profits are deposited into the state treasury each year to be used for K-12 educational programs. In FY ’13, the Lottery’s contribution was $160.2 million, the second-highest return to Louisiana in the Lottery’s history.
Lottery President Rose Hudson said she was “…pleased that the Lottery continues to live up to its mission to maximize revenue for our state.”
“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,” she said, commenting on this year’s success.
Since Powerball made changes to increase the size of jackpots, several lotteries have seen considerable sales boosts. In FY ’13, two jackpots climbed past the half-billion dollar mark – a $587.5 million jackpot in November 2012 and a $590.5 million jackpot in May 2013 – fueling frenzied ticket sales.
The Louisiana Lottery said that those two jackpots contributed to a $13 million rise in draw-game revenues over FY ’12.
Coupled with strong sales of instant tickets, the Lottery’s better-than-expected revenues generated about $4 million more for education than last year – about a 2.5 percent increase.
“This past fiscal year’s results have certainly given us a reason to smile,” Hudson said, adding that she’s “equally as excited about the future,” and finding ways to continue the Lottery’s 22 years of success.
Since getting its start in 1991, the Louisiana Lottery has generated more than $7 billion in revenues, returning about $2.7 billion to the state treasury.