The US State of Virginia has announced record profits for its lottery over the past year, with the office of Governor Ralph Northam announcing that the Virginia Lottery recorded a profit of $650m off revenues of $2.29 billion, for the year ending on 30th June 2019.
The profits derived from the Virginia Lottery are used to fund K-12 education programs. K-12 provide families with an online option for high-quality and personalized education experiences.
The lottery, which operates on revenue from the sale of lottery products, not tax dollars, says operating expenses were around 5% of total sales. Governor Northam, commenting on the figures released, said: “Students and teachers in every part of our Commonwealth continue to benefit from the Virginia Lottery’s record-high proceeds.”
The good news doesn’t just end there though, as the 5,300 odd retailers in the state where tickets for the lottery can be purchased, have also enjoyed a successful year as well. With lottery retailers enjoying a share of $130m in commissions and incentives.
Kevin Hall, the Virginia Lottery Executive Director, commenting on the news of the record profits generated by the lottery, stated: “As the competitive environment for gaming continues to evolve in Virginia, the Lottery remains a successful, well-run business and a proven, trusted brand.
“We’re working to develop and deliver new types of games in new ways using new technology to meet customers where they are today. We provide good fun for a great purpose, and that is to generate additional funds for K-12 education in the Commonwealth.”
