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In the situation of economic hardships brought by the global pandemic, the lottery industry was seen dropping in the initial months but to everyone’s utter surprise, the industry is back on track and is breaking the sale expectations for the year 2020.
Initially, Georgia Lottery saw a major drop in sales from the month of March, due to the advent of the pandemic. To combat these conditions the Lottery pushed its online play on its website and mobile app, so that lottery players are engaged with their favorite lottery games, and the Lottery sustains. In the last quarter of the year, the Lottery bounced back and ended the fiscal year with over a billion dollars in profits and witnessed a 9th consecutive year in economic growth.
Following the track is Texas Lottery, which was seen creating a buzz for record-breaking jackpots, is also topping the headlines for a record-breaking 10th year of exceeding the sale expectations. For the fiscal year 2020, the lottery has reported an enormous amount of $6.704 billion in sales, and an increase of approximately 7.2% over the fiscal year of 2019, which in turn means a large contribution to education and other programs. The Texas Lottery is known to have made some largest contributions for the state’s education and veteran programs to date of around $1.661 billion to the Foundation School Fund and approximately $22.2 million to the Fund for Veterans' Assistance. The Lottery has definitely been a ray of light in the conditions of the global pandemic.
Next in the line is the Arizona Lottery, which is boasting a record-breaking sale of more than $1.09 billion, while the prizes and payouts exceed a sum of $1 billion. Quite a fruitful year for the lottery, thanks to the $414 million Mega Millions ticket claimed in the month of June.
Another state lottery that jumped the profitable club is the Kentucky Lottery. The lottery has recorded a sale of $1.203 billion for the fiscal year 2020, which is $73.8 million (6.2%) more than last year. The Lottery has reported a transfer of 278.5 million to the state account, including an amount of $271.4 million allocated to fund education programs, college scholarships, grants, and the Kentucky Educational Excellence Scholarship (KEES) Fund for high school students.
Another lottery climbing up the ladder in surpassing the sale is Minnesota Lottery. It has set a new sales record, reaching $668.6 million in revenue. Around $423 million went back to the players in the form of lottery prizes, whereas $156 million was transferred to the states-general fund and programs funding conservation and protecting the environment.
Not ending the list here, but the North Carolina Lottery exceeded last year’s sale by $20.6 million to reach a revenue of $729.8 million. According to the financial reports of the lottery, it has generated an average of about $2 million for the fiscal year 2020.
2020 has been a year of utmost challenges! But as they say, all’s well that ends well. This stands true in the case of the lottery industry as well! The scratch-off games actually turned out as a major driving force for the lotteries and helped them incur large sums of profits!
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