The Iowa Lottery has indicated that the historic sales tally published in FY2021 has levelled off since the beginning of the new fiscal year on July 1.
As reported by Radio Iowa, the lottery’s CEO Matt Strawn stated that the record sales – totalling $452.6m – that were brought on by the pandemic and consumer’s reactions to lockdown boredom are now returning to normal levels.
FY2021 sales increased by 22% compared to the previous year, but Strawn noted that sales growth has tailed off since FY2022 began.
“And that really is what we are seeing in the marketplace as we start the next fiscal year, starting out July 1,” the lottery CEO told Radio Iowa.
“While we are no longer seeing those year-over-year double-digit increases — I am pleased to report to the board this morning that lottery sales remain strong.”
Strawn spoke following a meeting between the board of directors and indicated that the financial performance has exceeded expectations.
“Through August 31st, gross lottery sales for FY22 are running 2.9% ahead of last year, and ahead of budget projections,” he added.
The lottery attributed last year’s records to a spike in scratch-off game sales and two jackpots eclipsing the $700m mark. In the weeks leading up to the record-breaking jackpots, sales surged, according to officials.