Virginia Lottery Donates A Record $934 Million To Support K-12 Public Education In FY 2024
In addition to record-breaking sales, the VA Lottery also had record-low administrative costs
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Through a press release on the Virginia Lottery site, Gov. Glenn Youngkin announced this week record profits for the Virginia Lottery in fiscal year 2024. During its 36-year history, the Virginia Lottery has never made more than the $934 million it brought in this year. These funds will support K-12 public education in the state.
“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,” Youngkin said. “I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students. Approximately 10 percent of Virginia’s K-12 education budget comes from Virginia Lottery profits that assist in funding public schools.”
What caused the record profits?
The Virginia Lottery’s fiscal year ended on June 30, and more than $5.5 billion in sales during this period drove much of the profit.
“The record profits are a byproduct of every Lottery employee’s extreme dedication to our mission of contributing to our K-12 public schools one play at a time. We are pleased that the Lottery was able to deliver for the Commonwealth once again, and in an even bigger way than ever before,” commented Lottery Executive Director Khalid Jones.
In addition to record-breaking sales, retailer commissions, and profits, the Virginia Lottery also had record-low administrative costs: only 3.8% compared to sales.
“Virginia businesses that partner with the Lottery by selling tickets earned more than $142 million in sales commissions and bonuses in FY24, a record amount,” said Virginia Lottery Board Chairman Ferhan Hamid. “Customers who buy Lottery tickets at retailers typically make other purchases as well. The Lottery is good for Virginia businesses.”
The Virginia Lottery is powered by technology from IGT, which recently agreed to combine its assets with Everi Holdings and create a new holding company.
Who benefits from the Virginia Lottery?
The Lottery sold tickets at more than 5,300 businesses across the Commonwealth and through its online platform, which is available through desktop sites and mobile apps. The Lottery had $5.5 billion in sales, and a record $4.2 billion was returned to players in prizes and jackpots. Therefore, for every dollar spent on lottery games, players got $0.77 back.
“Every school district in the Commonwealth benefits from the Lottery Proceeds Fund,” said Secretary of Education Aimee Guidera. “Several vital K-12 education programs are supported and approximately one-third of the profits provide discretionary funding for each school district to determine their priority needs.”
While these statistics are positive for Virginia, the press release noted that these figures are not official until an audit from the Auditor of Public Accounts later in August.
