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Georgia Lottery profits up in 2010

Georgia LotteryGeorgia Lottery: Georgia Lottery profits up in 2010

Another good year for the Georgia Lottery meant more money for the state's pre-kindergarten and HOPE college scholarship programs, but it isn't enough to keep state officials from worrying about HOPE's future.

The Georgia Lottery Corp. announced Wednesday that profits increased again during the 2010 fiscal year — providing a dozen consecutive years of growth.

As a result, the lottery increased its payments to the popular pre-k and HOPE programs. During the 2010 fiscal year, which ended June 30, the lottery transferred about $883.9 million — an increase of about $11.7 million, or 1.4 percent, over the previous year.

"In spite of this gray, darkish economy, we are very grateful that Georgians continue to respond to what we put out there," Georgia Lottery President and CEO Margaret DeFrancisco said in an interview. "We feel very fortunate that we are able to do what we've done."

While the Georgia Lottery is considered one of the most successful in the country, it is unable to keep pace with the rapid growth and cost of the education programs it was created to support.

Lottery revenue didn't generate enough money for HOPE during the 2010 fiscal year, and state officials for the first time in nearly a decade tapped into a $1 billion reserve fund. The reserves are projected to drop to about $373 million by the end of the 2012 fiscal year, according to the Georgia Student Finance Commission, which oversees HOPE.

The commission is scheduled to meet with members from the state House and Senate education committees Aug. 2 to discuss the program's finances and possible changes. Commission leaders have recommended lawmakers amend the program during the next legislative session, warning the program could run out of money if long-term changes aren't made.

Still, the lottery has raised more than $11.9 billion for education programs since its inception in 1993. More than 1.2 million students have received money through HOPE, and more than 1 million 4-year-olds have enrolled in pre-k programs.

Officials said the addition of several games — such as Powerball and an instant game themed to the Atlanta Falcons — helped boost its growth.

"We remain focused on our mission to maximize profits for HOPE scholarships and pre-k," DeFrancisco said.

Sales for the 2010 fiscal year were about $3.64 billion — down slightly from the $3.66 billion for the previous fiscal year.

DeFrancisco said the lottery reaped higher profits because while sales declined in a couple of instant games, those awards tend to have higher payouts. Sales, meanwhile, remained strong in drawing games where the payouts tend to be less, she said.

Thanks to konane for the tip.

AJC

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13 comments. Last comment 4 years ago by TnTicketlosers.
Page 1 of 1
wendy67's avatar - disney32
georgia
United States
Member #35172
March 13, 2006
482 Posts
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Posted: July 14, 2010, 9:53 pm - IP Logged

wow marge that seems a little <snip>y to say "sales remained strong in drawing games where payouts tend to be less" this just goes to show that the draws are fixed and you do have control over the payouts. thx i'll make sure my contributions are lower frm now on.

This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

    diamondpalace's avatar - Untitled 2.jpg
    Dallas, TX
    United States
    Member #60284
    April 12, 2008
    3855 Posts
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    Posted: July 15, 2010, 3:43 am - IP Logged

    The house always wins, just look at the odds. Now, let's beat it!

      TnTicketlosers's avatar - Lottery-065.jpg

      United States
      Member #71120
      February 19, 2009
      968 Posts
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      Posted: July 15, 2010, 7:17 am - IP Logged

      Well at least you dont have to deal with what we do in Tennessee ,if you did you wouldnt complain...i think she is very good to georgia people...

        Avatar
        Atlanta, GA
        United States
        Member #1265
        March 13, 2003
        3326 Posts
        Online
        Posted: July 15, 2010, 10:27 am - IP Logged

        Well at least you dont have to deal with what we do in Tennessee ,if you did you wouldnt complain...i think she is very good to georgia people...

        I Agree!   She is The Best CEO! 

        For anyone living in Georgia when you become a Georgia Lottery Players Club member (FREE just sign up on the Georgia Lottery site) you are periodically sent buy one get one free coupons for tickets. This only became a reality after Ms. DeFrancisco became CEO.  She has also expanded the number of bonus draws for non winning scratchers. 

        "DeFrancisco said the lottery reaped higher profits because while sales declined in a couple of instant games, those awards tend to have higher payouts. Sales, meanwhile, remained strong in drawing games where the payouts tend to be less, she said."

        Powerball, Mega Millions, Fantasy 5 and Win For Life are very popular ... lower tier payouts are less.

        Good luck to everyone!

          dpoly1's avatar - driver
          PA
          United States
          Member #66141
          October 16, 2008
          1436 Posts
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          Posted: July 15, 2010, 10:38 am - IP Logged

          My HOPE is for a big win tomorrow in the Mega Millions drawing !

          US Flag AZ all the WAY !

            pcurtis's avatar - DiscoBallGlowing
            fayetteville tn
            United States
            Member #68983
            January 3, 2009
            1792 Posts
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            Posted: July 15, 2010, 4:20 pm - IP Logged

            wow marge that seems a little <snip>y to say "sales remained strong in drawing games where payouts tend to be less" this just goes to show that the draws are fixed and you do have control over the payouts. thx i'll make sure my contributions are lower frm now on.

            This post has been automatically changed by the Lottery Post computer system to remove inappropriate content and/or spam.

            We will swap CEO'S with GA any day. If you want Rebecca you can have her.

              ressuccess's avatar - WhiteShyGuy

              United States
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              June 23, 2010
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              Posted: July 15, 2010, 5:24 pm - IP Logged

              I didn't know that Georgia Lotto Sales are increasing.

                rdgrnr's avatar - walt
                -Ridge Runner- Oracle of the Appalachians
                Way back up in them dadgum hills, son!
                United States
                Member #73904
                April 28, 2009
                14903 Posts
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                Posted: July 15, 2010, 10:44 pm - IP Logged

                We will swap CEO'S with GA any day. If you want Rebecca you can have her.

                But who's gonna flip the No-Doubles Switch if Rebecca leaves? I don't know if the other lady will do that. The state could lose money. Not to mention the No-Triples and No-Quads Switches. That could put TN in a financial crisis.

                We're on the horns of a dilemma.


                                                             
                                     
                                                         

                 

                 

                 

                 

                                                                                                                   

                "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                            --Edmund Burke

                 

                 


                  United States
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                  October 31, 2009
                  856 Posts
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                  Posted: July 16, 2010, 7:48 am - IP Logged

                  Just typing out loud here and wondering what kind of free play you get with the 'buy one get one free' offer? Can it be a PP or only a <well shut my mouth!>?

                  DD

                  Anyone notice since TIME'S cover story on all the states anticipating HUGE (like in the B’s) budget deficits, there are confidence news stories from each state coming out boasting financial boon? The +220M in VA is not enough and if by chance it is there will still be a sucking sound from the sister states. Does the tail wag the dog?

                    Avatar
                    Atlanta, GA
                    United States
                    Member #1265
                    March 13, 2003
                    3326 Posts
                    Online
                    Posted: July 16, 2010, 10:35 am - IP Logged

                    Just typing out loud here and wondering what kind of free play you get with the 'buy one get one free' offer? Can it be a PP or only a <well shut my mouth!>?

                    DD

                    Anyone notice since TIME'S cover story on all the states anticipating HUGE (like in the B’s) budget deficits, there are confidence news stories from each state coming out boasting financial boon? The +220M in VA is not enough and if by chance it is there will still be a sucking sound from the sister states. Does the tail wag the dog?

                    It's not power play.  You get a quick pick ticket worth $1.00 for each of the games you get coupons for and buy a ticket. 

                    Really awesome to receive those coupons which have been only given out since Ms. DeFrancisco became CEO and innovated some brilliant marketing techniques.  Coupons are one of those awesome concepts.

                    Good luck to everyone!

                      pcurtis's avatar - DiscoBallGlowing
                      fayetteville tn
                      United States
                      Member #68983
                      January 3, 2009
                      1792 Posts
                      Offline
                      Posted: July 16, 2010, 11:19 am - IP Logged

                      But who's gonna flip the No-Doubles Switch if Rebecca leaves? I don't know if the other lady will do that. The state could lose money. Not to mention the No-Triples and No-Quads Switches. That could put TN in a financial crisis.

                      We're on the horns of a dilemma.

                      Hey ridge runner who knows maybe they will drop 666 if marge gets in. Maybe even a quad on

                      cash 4. It would be funny if marge's 1st order of business was to toss Rebecca's RNG's into

                      the cumberland river. I would buy a front row ticket to see that lol.

                        pcurtis's avatar - DiscoBallGlowing
                        fayetteville tn
                        United States
                        Member #68983
                        January 3, 2009
                        1792 Posts
                        Offline
                        Posted: July 16, 2010, 11:22 am - IP Logged

                        I heard Rebecca had to have surgery on her index finger because it was wore

                        out from pressing the repeat button on the computers so many times. (Haw,Haw,Haw.)

                        Now thats funny i don't care who you are.

                          TnTicketlosers's avatar - Lottery-065.jpg

                          United States
                          Member #71120
                          February 19, 2009
                          968 Posts
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                          Posted: July 17, 2010, 5:58 am - IP Logged

                          RotflmasROFL