Virginia Lottery reports record $3.26B in annual revenue
Nearly 30% increase in profits attributed to online lottery sales
The Virginia Lottery posted an all-time record $3.26 billion in annual sales and a record $765 million in profits for the fiscal year that ended June 30, the lottery’s board announced Wednesday.
The lottery saw a 52% increase in revenue and a nearly 30% increase in profits over the prior fiscal year. The introduction of online lottery sales on July 1, 2020, drove the increase, accounting for more than $807 million in sales, lottery officials said.
Virginia Lottery players won a record $2.2 billion in prizes in the recently ended fiscal year. Additionally, more than 5,300 brick-and-mortar retailers earned a total of $139 million in sales and cashing commissions, a $19 million increase from the previous fiscal year.
“The Lottery partners with thousands of licensed retailers across Virginia, many of them small ‘mom-and-pop’ and minority-owned businesses. These retailers continue to be the backbone of how we reach consumers, and we literally could not do it without them. We were especially pleased this year to see substantial sales increases at retail even after we added online play,” Lottery Executive Director Kevin Hall said in a statement.
The results announced Wednesday are preliminary, and the auditor of public accounts is expected to officially certify them in mid-August.
Under state law, Virginia Lottery profits go to Virginia K-12 public schools.
The Virginia Lottery is also responsible for licensing and regulating mobile sports betting and casino gaming. Legalized sports betting began in late January in Virginia and by July, Virginians had bet more than $1 billion. The lottery also has begun the licensing process for voter-approved casino projects in Bristol, Danville, Norfolk and Portsmouth. A proposed Richmond casino will be decided on by city voters in a Nov. 2 referendum.