Mississippi Lottery Corporation (MLC) has published its latest financial statement and posted record revenues as sales reached $510m for FY2021.
State legislation dictates that 100% of MLC’s profits must go back into the state for infrastructure and education purposes. MLC has confirmed that $80m will be invested into road and bridge repairs across the state, whilst $58.96m will be transferred to the state’s Education Enhancement Fund.
In the final month of the year, MLC recorded $9.8m for the state, which went into the education fund. The first $80m is transferred for the infrastructure whilst any further profits are put into the education fund.
MLC began operating in January 2020, meaning FY 2021 is the corporation’s first complete year. The group attributed its success to the array of products in its portfolio, including 35 scratch off games, a daily draw game and progressive jackpot games enticing customers to play. MLC stated that developing new products throughout the year has fuelled sales, whilst progressive jackpots rising to $731m generated interest in its brand.
President Jeff Hewitt commented: “What an incredible way to end our first complete fiscal year. Our success enabled us to return a significant amount to the state for road and bridge repair and for education. We are overwhelmed with the support of our players, vendors and retailers.
“We continue to introduce new games and play styles and award winners throughout the state, and I am looking forward to the continued success of the lottery.”