With close to one month left in the fiscal year, the Iowa Lottery is expecting to see record profits this year, due to higher jackpot froms Powerball and other lotteries.
While some lotteries are struggling to compete with local casinos and racetracks, the Iowa Lottery is soaring high and seeing the good effects of higher Powerball jackpots. In 2012, Powerball revamped their lottery system to allow for higher starting jackpots and more ways to win. Since then, the jackpots have reach record heights, and have awarded more winnings than previous years.
According to the Des Moines Register, the Iowa Lottery has had a great year. They received a total of $80.4 million in profits for their beneficiaries in the past fiscal year, which ends on June 30. This could be the most profitable fiscal year for the lottery, with the previous high being the 2006 FY, which brought in $80.9 million. With only a few weeks left, the Iowa Lottery expects the extra half a billion to be easy to come by, since the current profits are already so high.
Prize payouts for the year have also been high, reaching more than $186 million paid to lottery winners in the state of Iowa. This gives the Iowa Lottery a successful year to boast about, and begin planning to meet and beat these numbers this coming fiscal year.
The Iowa Lottery attributes the popularity of their scratch-off games as well as the higher Powerball jackpots to their success in the past year. The Iowa Lottery has added many new successful scratch-off games and they have brought in more players and more interest in the lottery. Coupled with the recent Powerball frenzy, it set the Iowa Lottery up for success.
Congratulations to the Iowa Lottery. We can’t wait to see what fun new ideas come from the lottery in the next year.