NASHVILLE - Boosted by sales from a world-record jackpot and increasingly popular instant games, the Tennessee Education Lottery Corporation today announced record-setting totals for the Third Quarter of Fiscal Year 2012, including a whopping $89.96 million raised for state education programs, a 17 percent increase over the same quarter last fiscal year, and well above the previous record of $79.6 million set in the Third Quarter of Fiscal Year 2006.
Year-to-date, Lottery proceeds for education—the funds used for scholarships, grants and related programs—have now reached $234 million, up $22.44 million, or 10.6 percent, over this time last year.
When combined with Lottery funding for after-school programs— $87.1 million to date— the total Lottery funding for education-related programs now exceeds $2.3 billion since the Lottery’s inception in 2004.
Benefitting from the historic Mega Millions jackpot drawing, March figures were especially impressive, with total sales of nearly $142 million, the highest of any month since inception and surpassing the previous monthly sales record set in February by over $11 million, or 9 percent. The February totals, a record up to that point, were aided by sales from the successful introduction of the new Powerball game, which features bigger jackpots and better odds, among other changes.
The Mega Millions game, which culminated with the world’s all-time biggest jackpot of $656 million, also contributed to the best week and the best day in Tennessee Lottery history. The week ending March 31, 2012 produced total sales of $41 million, surpassing the previous record of $37. 4 million set in the week of February 11, 2012. And Friday March 30, 2012, the day of the winning Mega Millions drawing, showed total sales of $14.3 million, smashing the previous single day record of $10.8 million set on the Lottery’s first day of operations on January 20, 2004.
Through the end of the quarter, the three-month period ending March 31, 2012, drawing-style games such as Powerball, Mega Millions and Tennessee Cash are up 10.6 percent, producing $19,411,000 in additional sales. The strength of the Tennessee Lottery, however, continues to be the growing popularity of instant games (“scratch off”), which have grown by 10.4 percent, producing an additional $73,680,000 in sales over this point last year.
“We’re gratified that our approach to maximizing proceeds for the education programs is meeting with such success,” said Rebecca Hargrove, President and CEO of the Tennessee Education Lottery Corporation. “We’ve worked to bring an array of fun and entertaining games to our lottery players, expand the retailer base, and prudently manage our overall operations.
Thankfully, it’s a strategy that makes for a great Lottery and continues to provide funding for thousands of students and their families all across the state.”
Last year the Lottery announced an all-time high transfer of $293.5 million to education programs in the state, an increase of $4.6 million over the previous record set the year before. The Lottery also reported a record-breaking $1.19 billion in total sales, which was a 4.2 percent increase over the previous record also set a year earlier.
“I couldn’t be more pleased with the strength of this quarterly report and the overall direction of the Tennessee Lottery,” said Keith Simmons, Chairman of the Board of Directors for the Tennessee Education Lottery Corporation. “The innovative and business-like approach to the Lottery’s mission has put us on track for another record year, and I congratulate the team for their hard work and continued success.”
About the Tennessee Education Lottery
The Tennessee Education Lottery Corporation operates entirely from the revenue it generates through the sale of its products. Net proceeds from sales of Lottery tickets, currently averaging over $5.3 million per week, fund specific education programs, including college scholarships and after-school programs.
Since the Lottery began selling tickets on January 20, 2004, it has raised more than $2.3 billion for these programs. In addition to the educational beneficiaries, players have won over $5.2 billion in prizes and Lottery retailer partners have earned over $573 million in retailer commissions.
For more information, please visit www.tnlottery.com. For information about Lottery-funded scholarships, visit www.collegepaystn.com. To see a county-by-county breakdown of the number of students who benefit, visit www.seehowitaddsup.com.
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