Virginia Lottery hits record-breaking sales for FY 2024??

Jenny Ortiz September 2, 2024

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Virginia Lottery hits record-breaking sales for FY 2024??

The Virginia Lottery reported that its online sales have exceeded in-store retail sales for the first time this fiscal year, a first in the history of US lotteries. For Fiscal Year (FY) 2024, the Virginia Lottery recorded total ticket sales of $5.521 billion, showing a 20 percent increase from the previous year’s $4.612 billion.

Online sales overtake traditional retail??

Out of the total sales, online games accounted for $3.07 billion, while in-store retail sales contributed $2.45 billion. This marks the first time a state lottery’s online sales have outpaced retail sales, indicating a growing preference for digital platforms among players. Despite this shift, retail sales have continued to grow. Compensation to retailers increased to $141.5 million in FY 2024 from $137.3 million the previous year, showing that physical outlets are still benefiting.??

Changing landscape of the lottery industry??

The Virginia Lottery began offering online sales on July 1, 2020, and this move was quickly adopted by players. Before online ticket sales were introduced, retail sales were at $2.15 billion in FY 2020. The current figures show both growth in retail and rapid adoption of online sales channels. This trend may encourage other states to expand their online lottery offerings as well.

Increased prize payouts and record profits??

The increase in sales has also led to a rise in prize payouts, which reached $4.246 billion, up nearly $1 billion from the previous year’s $3.416 billion. After accounting for retailer compensation and operational costs, the Virginia Lottery reported a net profit of $934.1 million, an 8 percent rise from last year’s $867.4 million. This is the highest profit in the Lottery’s 36-year history.

Supporting education in Virginia??

The profits generated by the Virginia Lottery are allocated to funding K-12 public education in the state. Over the past year, the Lottery contributed more than $934 million to Virginia’s public schools, averaging over $2.5 million per day. Governor Glenn Youngkin noted that these record profits will continue to support educational opportunities, with approximately 10% of Virginia’s K-12 education budget coming from these lottery profits.?