According to a report circulated by the Associated Press this week, sales of lottery products in the state of Mississippi are flying. With proceeds averaging circa $10m every week, sales of lottery tickets are said to be exceeding estimates.
In total, the lottery has netted $18.3m for the state after winnings and other expenses have been accounted for.
Also covering the story was the Sun Herald which said that from November to June, the Mississippi Lottery Corporation transferred $70.7m in net proceeds to the state treasury, despite sales being impacted by up to 13% as a result of the COVID shutdown. Mississippi started selling lottery tickets last November and Powerball and Mega Millions national lottery games at the start of this year.
According to the Sun Herald report a portion of the net proceeds in the beginning months was used to repay a loan that was taken out to set up the Mississippi Lottery Corporation.
Mississippi law dictates that lottery proceeds go to raise money for infrastructure and education systems. “The first $80m after expenses and paying winnings per fiscal year goes to the State Highway Fund to build and maintain roads and bridges through June 2028,” said the report.
“Anything over $80m in net proceeds is deposited into the Education Enhancement Fund for classroom supplies and other uses. Other sources bring in larger amounts of money for highways and schools.