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The Virginia Lottery crushed it in Fiscal Year 2024, raking in $934 million in profits. This wasn’t just a win, it was a record-breaker. For the first time, online lottery sales outpaced retail sales.
And if that wasn’t enough, the lottery blew past its sales projections by 4% and saw a 20% increase from the previous year. The cherry on top? Administrative costs were low, at just 3.8% of sales.
Key takeaways
- Virginia Lottery achieved a historic profit of over $934 million in FY2024
- VA Lottery sales hit a new high of $5.5 billion, surpassing the previous record.
- For the first time, online lottery sales exceeded retail sales.
- Players won a record $4.2 billion in prizes from the $5.5 billion in sales.
- Approximately 10% of Virginia’s K–12 education budget comes from lottery proceeds.
VA Lottery hits $5.5B in sales, setting new benchmarks for prizes
According to Cole Rush at PlayiLottery, VA Lottery’s FY2024 gains came from record-breaking sales, which reached $5.5 billion. This was about a $900 million difference from the $4.6 billion for the fiscal year 2023.
This previous year, which saw a profit of $867, also held the record for the highest gains since the inception of the state lottery 36 years ago, until this recent result from FY2024.
Players won a record-breaking $4.2 billion in prizes from the $5.5 billion spent on Virginia Lottery games this year. This resulted in a payout rate of approximately 77 cents per dollar.
According to Ferhan Hamid, chairman of the Virginia Lottery Board, The Virginia Lottery’s retail partners saw a windfall of over $142 million in FY2024, owing to sales commissions and bonuses.
Hence, by driving foot traffic and encouraging impulse buys, lottery ticket sales have had a multiplier effect that benefits businesses across the state.
Virginia’s education sector benefits from lottery proceeds
The education sector in the Old Dominion is one of the biggest beneficiaries of lottery proceeds. In a Virginia Lottery press statement, Governor Glenn Youngkin said the state’s lottery provides 10% of the K–12 education budget:
“Over the course of my administration, we have been able to achieve record funding for K–12 education, allowing for increased opportunities in the classroom.
I am so thrilled that these record profits will help provide the necessary support and resources for Virginia’s students. Approximately 10 percent of Virginia’s K–12 education budget comes from Virginia Lottery profits that assist in funding public schools.”
Lottery Executive Director Khalid Jones also expressed his gratitude to the Lottery’s employees, stating that their dedication has enabled them to surpass previous records and deliver even more funding to K–12 public schools.
“Every school district in the Commonwealth benefits from the Lottery Proceeds Fund. Several vital K–12 education programs are supported, and approximately one-third of the profits provide discretionary funding for each school district to determine their priority needs,” Secretary of Education Aimee Guidera added.
