- Report Published -
|Virginia Lottery Annual Financial Report for Year Ended June 30, 2011|
|State Lottery Department|
|§ 58.1-4006 (8.)|
|Virginia Lottery ticket sales totaled $1.483 billion for fiscal year 2011, the highest total ever for Virginia Lottery sales. Net proceeds totaling $444.2 million were earned for the Lottery Proceeds Fund, all of which are constitutionally mandated to support local K-12 public education. Highlights of the fiscal year include:|
• Sales increased by $47.6 million (3.3 percent) from last year to $1.483 billion.
• Net income was $444.2 million, an increase of $14.0 million (3.2 percent) from last year.
• Prize expense increased $28.3 million (3.3 percent) to a record total of $881.0 million.
• With the sales increase, retailers earned $3.4 million (4.3 percent) more than last year, with compensation paid to retailers totaling a new record $83.8 million. Retailers earned, on average, 5.7 cents on each dollar sold, (slightly higher than last year’s 5.6 cents?) the same as last year.
Although by law the Lottery may spend up to ten percent of sales on operating costs, which include all expenses except prizes and retailer compensation, these costs represented only 5.1 percent of sales for the fiscal year.