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LOUISIANA LOTTERY TRANSFERS OVER $11.9 MILLION IN FEBRUARY REVENUE TRANSFERRED TO THE STATE TREASURY
March 20, 2009
The Louisiana Lottery Corporation announced that over $11.9 million in February revenue has been transferred to the state treasury department, bringing its fiscal year total transfers to $87.7 million, an increase of $1.9 million from prior fiscal year total.
Lottery President Rose Hudson said that February revenue of $34.1 million resulted in $11,947,750 being sent to the state treasury.
"Since the Lottery's inception, we have generated more than $5.8 billion from scratch-off and draw-style game ticket sales, which has resulted in more than $2 billion for the state of Louisiana," she added.
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.
"In fulfilling our mission of maximizing revenue for the state while upholding the highest level of public trust, the Lottery has not wavered from its core philosophies that have made it successful," said Hudson. "We continue to responsibly offer our games as a fun entertainment option that still costs a dollar. This attention to price-point and value resonates well with our players."
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