Virginia Lottery reports record sales and profits
The Virginia Lottery reported record revenues and profits in fiscal year 2018.
The lottery reported record sales of $2.14 billion and profits of more than $600 million. The previous record was set in fiscal year 2016 with $588 million.
Virginia’s constitution requires that all lottery profits be dedicated to K-12 education programs.
These numbers are unaudited. The final, audited results will be released in August.
“Not only is the Lottery generating record profits, but the General Assembly has raised the Lottery per Pupil Allocation, giving school districts throughout Virginia more flexibility to use lottery funds to meet their local needs,” Gov. Ralph Northam said in a statement.
Lottery players this year received a record $1.3 billion in prizes. A total of 48 tickets won prizes of at least $1 million in Virginia.
The lottery partners with about 5,200 retailers across Virginia to sell tickets. Those lottery retailers, many of them small, locally-owned businesses, earned more than $120 million in commissions and incentives in fiscal year 2018.
The lottery celebrates its 30th birthday in 2018. The first ticket was sold on Sept. 20, 1988, nearly a year after Virginia voters approved creation of a state lottery.