West Virginia Profits Exceed Expectations
July 25, 2013 – In a meeting with the West Virginia Lottery Commission Thursday, Lottery director John Musgrave announced that sales had surpassed the Commission’s own expectations by 16 percent, reaching $1.33 billion in the fiscal year ended June 30.
That 16 percent amounted to almost $80 million more than the estimated sales numbers at the beginning of the fiscal year, which had planned for losses to competition in Pennsylvania, Maryland, and Ohio, Musgrave said.
Ohio was the largest concern for the West Virginia lottery after several new casino openings, but the gaming centers got off to a slow start.
While that helped the Lottery significantly this year, Musgrave told the Commission they should expect the competition to take more of a toll in the future.
If they do surpass their revenue estimates, the margin will be “much less, if at all,” Musgrave said. “We’re glad to provide [a surplus] this year and help the state and the programs we contribute to.”
More casinos are set to open in Ohio in the next few months, further challenging the gaming centers and traditional Lottery in West Virginia.
The largest revenue generators for West Virginia’s Lottery were racinos and video lottery terminals in other locations, collectively pulling in about $1.05 billion in sales.