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LOUISIANA LOTTERY TRANSFERS HIT $2 BILLION TO THE STATE TREASURY SINCE INCEPTION
August 26, 2008
The Louisiana Lottery Corporation announced today that it has transferred more than $10.4 million from July revenue to the state treasury department, bringing its total cumulative transfers to $2 billion since the Lottery began in 1991.
Lottery President Rose Hudson said that July revenue of $29.8 million resulted in $10,434,160 being sent to the state treasury.
"Since the Lottery's inception, we have generated more than $5.6 billion from scratch-off and draw-style game ticket sales, which has resulted in more than $2 billion for the state of Louisiana," said Lottery President Rose Hudson."It's very satisfying to reach this historical milestone in maximizing revenue for the state and providing exciting entertainment options for our players while upholding the highest level of public trust. This achievement is truly our mission in action."
Under state law, the treasury department receives 35 percent of every $1 in Lottery sales, which is earmarked for the Minimum Foundation Program that funds public education in Louisiana. At least 50 percent of sales is used to fund Lottery prizes, and retailers receive at least 5 percent as commission on ticket sales. Less than 10 percent is retained by the Lottery for operating costs.
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