September 13, 2004
A good year for the Lottery

Missed this on Friday:

Popular scratch-off games and a record lottery jackpot propelled the Texas Lottery to its second-highest sales during fiscal year 2004.

Unaudited sales figures of all products totaled nearly $3.5 billion in the fiscal year that ended Aug. 31. Fiscal year 1997 was the largest-ever sales year, with more than $3.7 billion worth of tickets sold.

"For years I've heard that the lottery's in trouble, the lottery's not delivering," said Reagan Greer, executive director of the Texas Lottery Commission. "The fact we're back to some of the highest numbers of the late 1990s, and the second highest ever, that's huge."

The sales resulted in a contribution of $1 billion to the Foundation School Fund, which helps support public education, an 11 percent increase over last year. Since 1997, the lottery has generated more than $6.6 billionto benefit public education.

The lottery paid out $2 billion in prizes, up from $1.8 billion in fiscal year 2003.

Instant tickets were by far the most popular product, accounting for more than $2.3 billion in sales. Lotto Texas sales came in at $478 million, and Cash Five accounted for $122 million.


The figures show that changes made by the Lottery Commission in recent years are paying off.

The Powerball-style game the lottery adopted in 2003 made the odds harder to beat, allowing the higher jackpots that generate ticket sales.

Last December, Texas joined Mega Millions, a multistate lottery. It registered sales of $190 million.

I can't get to the Texas Lottery Commission web page from here (gambling sites are blocked at work), so I can't easily compare this year to other years. I will say this, though: I'll believe that the Lottery has stabilized its steadily dwindling revenues when I see more than one year's worth of numbers which say so. One good year is not a trend, as any baseball general manager who's been stung by a free agent that cashed in after a fluke season can attest. You can take your bows now, fellas, but the jury's still out.

Posted by Charles Kuffner on September 13, 2004 to Jackpot! | TrackBack