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Hoosier Lottery Beats Projections; Record Payout To State

in Lottery

 

The Hoosier Lottery had a better than expected fiscal year 2018. $1.27 billion in lottery ticket sales between July 1, 2017 and June 3, 2018 beat the projections of IGT Indiana, the private lottery operator the state contracts with.

The figure bested the company’s projection that the fiscal year sales would be $1.26 billion.

The Hoosier Lottery says the sales will allow IGT Indiana to receive a performance incentive of $9.1 million. This marks the first time the company has met the incentive since it entered a contract with the state in 2012.

Net income by the lottery was $318.2 million, far exceeding the $300 million threshold. According to the contract, the state and ICT split the overage 50-50.

A record high amount of $306 million will go to the state’s coffers, specifically the State Teachers Retirement Fund, the police and firefighters pension fund, and the Build Indiana Fund. The figure to the state has risen steadily from $205 million in 2012, the year IGT took over the lottery.

The state and IGT agreement calls for next year’s net income target to be set at $305 million.

https://www.eaglecountryonline.com/news/local-news/hoosier-lottery-beats-projections-record-payout-to-state/

 

Each fiscal year, the lottery transfers surplus revenue to the state.   That came out to a record $306 million dollars this year.

The lottery itself brought in $1.27 billion thanks to large jackpots on games like Powerball and Mega Millions, plus scratch-off sales. After paying prizes, retail commissions and operating expenses there was $306 million surplus that goes to the state.

That money is used for the State Teachers Retirement Fund ($30 million) and the local police and firefighters’ pension fund ($30 million).

Almost all the rest goes to the Build Indiana Fund, which is used to reduce auto excise taxes you pay when you renew your vehicle registration.

Some of the fund is also used for library and school technology projects.

https://www.wthr.com/article/you-didnt-indiana-sure-hit-lottery-jackpot-year