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Sat, Nov 22, 2014

Tennessee Lottery sees record profits

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NASHVILLE - Continuing to produce record-setting returns, the Tennessee Education Lottery Corporation on Tuesday announced strong second quarter results, posting $83.4 million raised for state education programs.

This marks an increase of $5.3 million or 6.7 percent, from total sales of $333 million, an increase of $17.9 million over the same period last year.
 
Both figures set lottery records for the second quarter of the fiscal year, the time period covering Oct. 1, 2012, through Dec. 31, 2012.
 
“These mid-year returns proved strong and validate our efforts to maximize dollars for education,” said Rebecca Hargrove, president and chief executive officer for the Tennessee Lottery. “We always look to keep the lottery fun and entertaining for our players, while operating efficiently and emphasizing best practices across the corporation. In the end, the goal, as always, is to provide vital funding for Tennessee students and their families.”
 
Sales of instant tickets showed solid growth at 2.5 percent, but the biggest gains were found in sales of drawing-style games, which increased by 19 percent, driven largely by the record $587 million Powerball jackpot in November.
 
Through the first half of the 2013 fiscal year, the Tennessee Lottery has raised $164.7 million for the state education programs, an increase of $15.4 million over the same period a year ago.

Total lottery funding for education-related programs in Tennessee, including funds used for scholarships, grants, and after-school programs, now exceeds $2.55 billion since its inception in 2004.
 
Last year, the lottery announced an all-time high transfer of $323.4 million to education programs in the state, an increase of approximately $30 million over the then-record set the previous year. Officials also reported a record-breaking $1.31 billion in total sales for fiscal year 2012, a jump of $124.6 million from the prior year’s record total.
 
According to data from the Tennessee Student Assistance Corporation, the entity that administers most lottery-funded programs, more than 600,000 scholarships and grants to in-state educational institutions have been awarded since lottery was enacted nearly nine years ago, including more than 100,000 recipients during the past academic year alone.

Lottery funds are also used to support other education-related activities, such as after-school programs and an ongoing initiative to make schools more energy efficient.

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Education, Gambling, Hope Scholarship, Lottery, Tennessee
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