The Virginia Lottery Corporation has published its preliminary financial results for the year ending June 30, revealing it has raised $765m for state schools.
Total revenues reached $3.3bn, a 50% increase on the previous 12 months. The group attributed the success of the last year to the introduction of new gaming products as well as the strength of the traditional lottery game across the state.
Virginia state legislation requires all profits of the lottery to be spent on K-12 education programs and schools across the state and the sum for 2021 has increased nearly 30% on the previous year. Roughly 10% of schools’ budgets in the state are provided by the lottery fund.
Executive Director Kevin Hall commented: “The Virginia Lottery delivered record results for Virginia public schools by engaging with new customers online and by enhancing many of our traditional games sold in thousands of retail stores across the state.
“Utilizing technology, product innovation and tried-and-true business practices, the Lottery’s players, retail partners and staff delivered in a big way for the Commonwealth’s students and teachers.”
The official accounts are expected to be published in mid-August, following an audit by the Auditor of Public Accounts. However, the growth of both revenues and profits show promising signs for the education of children across Virginia.
State Governor, Ralph Northam, commented: “The Virginia Lottery is tasked with the important mission of supporting our public schools, and this year you really delivered.
“Our Administration has focused on strengthening public education across the Commonwealth, and I wanted to be here today to personally congratulate the Virginia Lottery on its recording-breaking performance.”