Record breaking Kentucky Lottery sales for fiscal year 2020
HAZARD, Ky. (WYMT) - Much has happened during the 2020 fiscal year, one of which is record-setting lottery sales in Kentucky.
The Kentucky Lottery has had a total of $1,203,442,000 in sales for FY20.
That is 6.2 percent or $73.8 million more than the previous record set in FY19.
Cash transfers in the lottery go to the General Fund which pays for college scholarships, grants, and education programs; therefore, the higher sales and transfers led to more funding for the college.
The FY20 cash transfers totaled $278.5 million allowing $271.4 million for the General Fund.
The increase in sales also helped the KEES Reserve Fund, which gets funding from unclaimed lottery winnings.
FY20 had $7.5 million from unclaimed winnings that went to the KEES Reserve Fund, which was 2.8 percent more than last year.
Governor Beshear encouraged people to take advantage of the benefits this had on education. “Now I know there’s people out there talking about taking a gap year about not necessarily moving forward with their education in the midst of this pandemic,” he said. “I would highly encourage you to make sure you were taking advantage of these programs with historic amounts of aid out there. Making sure we get a more educated and skilled population is one way that we also become stronger in and that if we ever see a pandemic like this again, we will not be hit as hard as we have been hit.”
Scratch-off ticket sales totaled at $741.1 million and internet lottery sales totaled at $45 million, both increases from last fiscal year.
With the increase in sales, more winnings were seen. “This was truly a successful year for not only the Commonwealth, but players and retailers as well,” said Kentucky Lottery Executive Vice President and Chief Financial Officer Howard Kline. “Our players saw a record $801.2 million in prizes paid, while our hard-working retailers realized a record-setting $71 million in commissions. From a situation where things initially looked like they could turn bleak, we ended up with a win-win all the way around.”
Keno and the multistate lotteries such as Powerball and Mega Millions declined in sales.
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