Across the United States, state lotteries help bring valuable funds for a wide range of programs. From education, community and different state programs, lotteries provide not only vital funds but enable residents to participate in legal and fair lottery games.
Virginia is a state that currently offers a variety of lottery games. Earlier this week, Virginia Gov. Glenn Youngkin confirmed that the Virginia Lottery’s profits that fund K-12 public education in the state have reached the mind-blowing $934 million for the fiscal year 2024. This figure, the Governor said, represented a record in the Lottery’s 36-year history.
A key role in the record profits toward K-12 education played the record sales reported for the fiscal year that ended June 30, 2024. Overall, the Virginia Lottery reported $5.5 billion in sales which set a new record. In addition to that, a record sum of a staggering $4.2 billion was paid back to the lottery players during the same period.
The Virginia Lottery explained that the $4.2 billion in paid prizes translates to approximately $0.77 back to players for every $1 spent on lottery games.
To ensure Virginia residents have easy access to lottery games, there are more than 5,300 retail outlets offering lottery tickets. What’s more, players can also purchase tickets via the Virginia Lottery’s official website and its mobile app.
Besides record sales, winnings payouts and funding for K-12 public education, the Lottery reported a record low rate of administrative costs at 3.8% of sales for the latest period. Still, the Lottery explained that the aforementioned figure is preliminary and is yet to be confirmed.
The Virginia Lottery Is Good for Businesses across the State
Ferhan Hamid, the Lottery’s board chairman, spoke about the effective partnership between the lottery and retail businesses across the state that helped those businesses earn more than $142 million in sales bonuses and commissions. This figure too marked a new record, added the exec. Finally, Hamid said: “Customers who buy Lottery tickets at retailers typically make other purchases as well. The Lottery is good for Virginia businesses.”
“Over the course of my administration, we have been able to achieve record funding for K-12 education, allowing for increased opportunities in the classroom.“
Virginia Gov. Glenn Youngkin
Gov. Youngkin also shared his excitement about the latest achievement. He explained that the record profits for K-12 public education achieved under his administration will deliver new opportunities in schools across the state.
Moreover, Youngkin added: “I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students.” Last but not least, he highlighted the importance of the Lottery’s funding which is responsible for approximately 10% of the K-12 education budget in Virginia.
