Louisiana Lottery transfers $48M to state treasury for quarter

in Lottery

“Although we have not experienced any of the large Powerball or Mega Millions jackpots that can drive up sales, our scratch-off games and daily games like Pick 3 and Pick 4 are seeing record growth,” Louisiana Lottery President Rose Hudson says in a prepared statement.

Absent any sales boosts from multistate game jackpots, the Louisiana Lottery Corporation transferred more than $48 million to the state treasury for the first quarter of fiscal year 2021. That figure represents a jump of nearly $9 million from the first quarter last fiscal year and exceeds budgeted transfers by over $10 million, or 26%. Meanwhile, revenue totaled nearly $141.9 million for the quarter. 

“Although we have not experienced any of the large Powerball or Mega Millions jackpots that can drive up sales, our scratch-off games and daily games like Pick 3 and Pick 4 are seeing record growth,” Louisiana Lottery President Rose Hudson says in a prepared statement. 

Retailer commission, incentives for cashing winning tickets and bonuses for selling winning tickets totaled more than $8 million for July through September.

This year, state legislators reduced the percentage of revenue the lottery is required to transfer, giving the corporation more flexibility with its game offerings and prize structures. By utilizing these new prize payouts, Hudson says the lottery hopes to continue returning more net dollars to the state than in previous years.

https://www.businessreport.com/newsletters/louisiana-lottery-transfers-48m-to-state-treasury-for-quarter