Virginia Lottery education funding was significantly boosted by the combination of bouncing lotto balls and vibrant scratchers, resulting in impressive figures.
On Tuesday, the Virginia Lottery revealed the official figures for Fiscal Year 2022 (FY22), concluding on June 30.
The state hailed K-12 public education as the ultimate beneficiary, labeling it “the major victor,” as it garnered a staggering $779.6 million in profits from its lottery and scratch games.
The executive director of the Virginia Lottery, Kelly Gee, attributed the record-breaking pace of the lottery to the extensive range of games available.
Retailers were able to reap the benefits of the windfall through commissions and bonuses.
According to Gee, our efforts have had a positive influence throughout the entire state, with players achieving record-breaking prize wins and retailers reaping the benefits of increased ticket sales. All of these developments bode well for our K-12 public schools.
Virginia Lottery education funding ‘indispensable’
In total, the Virginia Lottery education funding amounted to an average daily profit of $2.13 million, totaling $779.6 million.
According to Aimee Rogstad Guidera, the Secretary of Education in Virginia, the K-12 education budget in the state relies on lottery funds for approximately 10 percent of its total amount. These funds play a crucial role in supporting essential programs across all school districts.
“These funds are crucial for our endeavors to guarantee that every student, irrespective of their zip code, is equipped for a successful life.”
How the state collected its $780 million
More than $3.75 billion in total lottery sales contributed to the record-breaking profit achieved in FY22.
In the state of Virginia, over 5,300 stores offer lottery games for both residents and visitors. These physical stores collectively generated an impressive $138.6 million in commissions and bonuses.
Out of the total $3.75 billion, an impressive $2.67 billion was awarded to Virginia Lottery players as prizes. A noteworthy count of 38 individuals emerged as winners, each claiming a prize of $1 million or higher.
Between July 1, 2021, and June 30, 2022, the largest prize awarded was a $10 million Extreme Millions ticket. This remarkable scratcher was gifted to a woman from Haymarket, VA, by her husband on Valentine’s Day. Haymarket is a quaint town located approximately an hour west of Washington, DC.
In its second complete year, the Virginia Lottery reported a consistent increase in its online lottery games. These online plays were initially introduced in 2020.
Unclaimed wins help Virginia Lottery education funding too
Unfortunately, in FY22, a staggering amount of over $17.1 million in prize money remained unclaimed.
Here’s the rewritten version: On a positive note, the Virginia Lottery channels funds into the state Literary Fund, which in turn provides school districts with access to low-interest loans. These loans can be utilized for various purposes including construction, renovations, and technology upgrades.
Additional notable findings in the Virginia Lottery report include:
- Winners who were in arrears with child support had over $6 million in prize money collected from them. Additionally, the state retains certain winnings of individuals who have outstanding fines or debts.
- Operating expenses accounted for $158.2 million, which equals 4.2% of Virginia Lottery sales. It is important to note that according to state law, costs must not surpass 10%.
- In addition to its licensing and monitoring of casinos, the Virginia Lottery Board is also responsible for overseeing online sports betting within the state. Currently, Virginia boasts a total of 13 operational sportsbooks.
- Virginia casino monitoring will be incorporated into Fiscal Year 2025 as a result of the opening of Hard Rock Bristol on July 8, which coincides with the commencement of the new budget year, only eight days in.
Lottery Board Chairman Ferhan Harnid stated that the gambling landscape in Virginia is undergoing swift advancements and expansion, particularly in the realms of sports betting and casinos.
The vital role of the Lottery Board lies in its licensing and regulatory functions, which are crucial for ensuring fairness, integrity, and transparency. These values have been the hallmark of the lottery for almost 34 years.
FY 2025 off to a fast start
Do you recall the massive Mega Millions jackpot from last month? The top three highest jackpots in history will contribute to the Virginia Lottery’s education funding in a year’s time.
During the 29-drawing jackpot build, the state managed to accumulate a profit of $30.2 million. The drought of winning jackpots commenced in April, but on July 29, a billion-dollar cash-in occurred, with Illinois being the state that claimed the winning ticket. It is worth mentioning that Virginia also had its fair share of victories.
The July 29 drawing of the Virginia Mega Millions resulted in approximately 405,000 players claiming prizes.
It is quite remarkable considering the chances of winning any prize are only 1-in-24.
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