Wyoming Lottery Estimates $20 Million Profit In First Year
July 15, 2013 – After reviewing a preliminary budget Friday, the nine board members of the newly-formed Wyoming Lottery estimated that ticket sales in the first year of operation could generate $20 million.
Lottery board chairman Scott Gamroth reminded the Billings Gazette that the figures “are all approximate and this is not testament to any kind of schedule we have developed or announced.”
The estimate was based lottery industry information provided to Wyoming lawmakers.
As compared to other U.S. lotteries, the revenue projections are somewhat modest because the Wyoming Legislature decided against offering instant games. It is likely that Wyoming will only sell tickets for multi-state games like Powerball.
The law that created the Wyoming Lottery dictates at least 45 percent of ticket sales be awarded to lottery players as prize money, which would leave an estimated $10 million in state profits in the first year.
The Lottery’s net profits will be deposited in Wyoming’s general fund and divided between county governments across the state. Surplus profits would go directly to educational programs.
Commissioned July 1, the Wyoming Lottery has since been working towards a tentative launch date of January 2014, though some estimates now point to February 2014 instead.
The Lottery must still find a CEO, a vendor to handle distribution and operations for the Lottery, real estate for the Lottery’s headquarters, employees, and investors for start-up loans.
Board member Barry Sims, former CEO of Taco John’s International, told the Gazette that the board expected to have financing in place within the next month.
The search for a CEO will begin in earnest within the next week or so, after the board agreed Friday on 15 essential qualities they’ll be looking for in CEO prospects.