Lottery Sales Top $3.5 Billion for Last Fiscal Year
Georgia Lottery reports 1 percent dip in sales during FY2011.
For the fourth consecutive year, Georgia Lottery ticket sales have topped $3.5 billion.
According to a Georgia Lottery press release, sales for fiscal year 2011, which runs from July 1, 2010 through June 30, 2011, were $3,597,921,870.
“We remain focused on our mission to maximize dollars for the HOPE Scholarship and Pre-K programs,” said Georgia Lottery President and CEO Margaret DeFrancisco. “In spite of the tremendous challenges we’ve faced this year, including the current economic climate, soaring gas prices and a debilitating, week-long winter storm in January, we experienced only a slight, approximate one percent dip in sales.”
The lottery will transfer fiscal year 2011 profits of $846.1 million to the education account. Since the lottery’s inception in 1993, $12.7 billion has been transferred to pay for state programs such as Georgia’s HOPE Scholarship Program and Georgia’s Pre-K Program.
As a result of declining lottery revenues, Georgia lawmakers passed legislation earlier this year reducing HOPE benefits for college students. In March, Gov. Nathan Deal signed HOPE reform legislation into law that provides full tuition for students who graduate high school with a 3.7 grade point average and a SAT score of 1200 or an ACT score of 26. Students with a 3.0 GPA will receive a reduced amount that is tied to lottery revenues. For fall of 2011, the award will be 90 percent.