Showing impressive gains across the board, the Tennessee Education Lottery Corporation today announced record-shattering totals for Fiscal Year 2012, including a hefty $323.4 million raised for state education programs, a sharp 10.2 percent jump over last year’s then-record total of $293.4 million.
This strong showing by the Lottery produced approximately $30 million more to be used for education-related funding in Tennessee.
With more than $1.31 billion in total sales for FY 2012, the Lottery shot past last year’s previous sales record of $1.18 billion, an increase of more than $124.6 million.
This year’s totals, covering the fiscal year July 1, 2011 through June 30, 2012, marked the eighth consecutive year the Tennessee Education Lottery Corporation has posted record sales.
Total education funding since ticket sales began in January 2004 now stands at more than $2.39 billion; with total sales surpassing $9.1 billion; and total prizes won reaching more than $5.4 billion. Total commissions to the nearly 5,000 Tennessee retailers offering Lottery tickets now stand at more than $594.7 million.
“Across the Corporation we’ve focused on our mission to serve Tennessee students and their families by maximizing proceeds for the education programs funded by the Lottery,” said Rebecca Hargrove, President and CEO of the Tennessee Education Lottery Corporation. “We continue to hone our business model, developing new and innovative product offerings for the playing public, expanding our retailer base, emphasizing customer service, and operating at all times with efficiency and the utmost integrity. In this fashion the Lottery succeeds and access to education is advanced in Tennessee.”
According to data from Tennessee Student Assistance Corporation, the entity that oversees Lottery-funded programs, more than 600,000 grants or scholarships to in-state education institutions have been awarded since the Lottery’s inception in 2004, including more than 100,000 recipients during the past academic year alone. Lottery funds are also used to support other education-related activities, such as after-school programs and an ongoing initiative to make schools more energy efficient.
“On behalf of the Board of Directors, we couldn’t be more pleased with these striking results produced by the Lottery Corporation,” said Keith Simmons, Chair of the Lottery’s Board of Directors. “Year-after-year, our Lottery continues to outperform overall industry growth, a tribute to the hard work and business-like approach that characterizes the operations of this organization. The end result brings in more vital funding for scholarships, grants and other education-related programs for Tennessee.”
As has been the trend, sales from instant games comprise more than 80 percent of the Lottery’s totals in FY 2012. The introduction of 43 new such games met with great favor by Lottery players and pushed instant sales up 10.6 percent over last year. Revenues from the draw-style games, flat in recent years, came to life in 2012 driven by a world-record $656 million Mega Millions jackpot and the launch of the newly-designed Powerball game, helping to produce a 9.9 percent jump in their sales.
Other innovations this year included the Lottery’s debut in the world of social media (see www.facebook.com/tnlottery) and the development of “VIP Rewards™,” a popular affinity program that allows Lottery players to earn points they can then redeem for a wide-range of merchandise in the “VIP Store” (see www.tnlottery.com).
Since the Lottery’s inception in January 2004, players have won more than 1,890 prizes of $50,000 or more, including 91of which were of $1 million or more.
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