JEFFERSON CITY, Mo. — Annual Missouri Lottery profits to public education hit their second-highest amount in the Lottery’s 32-year history in June.
The final total for fiscal year 2018, which runs from July 1, 2017 to June 3, topped $306 million, exceeding the Lottery’s strategic goal by $16.4 million, or 5.6 percent. The June monthly transfer totaled more than $24.6 million.
Lottery officials say several factors contributed to the second-highest profits, including an increase in the price of a Mega Millions play to $2 in October 2017, a couple of large Mega Millions and Powerball jackpots, strong Scratchers sales, new self-service vending machines, record Pick 3 and Pick 4 sales, and a strong economy.
FY 16 saw the highest profits ever, $308.9 million, due to the record high $1.5 billion Powerball jackpot in January 2016. Officials said that having a jackpot roll past $1 billion is something to be expected only once every decade.
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Missouri schools may get more money after lottery profits exceed expectations.
Profits for the past fiscal year were the second highest in the lottery's 32 year history. Profits exceeded expectations by more than sixteen million dollars, or more than five and a half percent.
State representative Charlie Davis says this will make it easier for the state legislature to fund the education foundation formula for a third year in a row. Davis says he believes the increase in lotto sales is a sign of how strong the Show Me State economy is.
"There's a lot of people that are now working that have maybe a little bit more disposable income and they take that money and part of the entertainment, they buy some lottery tickets, and because of that revenue comes into the state which will then allow us to fund the formula,” says Davis.
Revenue from lotto sales is earmarked for education. Davis says that money will be used when the legislature puts together next year's budget.
https://www.fourstateshomepage.com/news/high-lottery-profits-could-mean-more-mo-school-funding/1292460282