Welcome Guest
Log In | Register )
You last visited June 25, 2022, 9:10 pm
All times shown are
Eastern Time (GMT-5:00)

Georgia Lottery profits up in 2010

Jul 14, 2010, 9:21 pm

Share this news story on Facebook
Tweet this news story on Twitter
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

We'd love to see your comments here!  Register for a FREE membership — it takes just a few moments — and you'll be able to post comments here and on any of our forums. If you're already a member, you can Log In to post a comment.

13 comments. Last comment 12 years ago by TnTicketlosers.
Page 1 of 1
wendy67's avatar - disney32
georgia
United States
Member #35171
March 13, 2006
758 Posts
Offline

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

    United States
    Member #60282
    April 12, 2008
    3857 Posts
    Offline

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

      TnTicketlosers's avatar - Lottery-065.jpg

      United States
      Member #71118
      February 19, 2009
      1224 Posts
      Offline

      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...

        konane's avatar - wallace
        Atlanta, GA
        United States
        Member #1265
        March 13, 2003
        7338 Posts
        Offline

        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.

        Have fun and the best of luck to everyone! Sun Smiley

          dpoly1's avatar - driver
          PA
          United States
          Member #66139
          October 16, 2008
          1998 Posts
          Offline

          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 #68981
            January 3, 2009
            1845 Posts
            Offline

            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 - Lottery-043.jpg

              United States
              Member #93160
              June 23, 2010
              3141 Posts
              Offline

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

                rdgrnr's avatar - nw barkeep.jpg
                100
                Grand High Exalted Mystic Ruler
                The Hall Of The Mountain Kings Tennessee
                United States
                Member #73902
                April 28, 2009
                15320 Posts
                Offline

                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.


                  United States
                  Member #81841
                  October 31, 2009
                  856 Posts
                  Offline

                  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?

                    konane's avatar - wallace
                    Atlanta, GA
                    United States
                    Member #1265
                    March 13, 2003
                    7338 Posts
                    Offline

                    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.

                    Have fun and the best of luck to everyone! Sun Smiley

                      pcurtis's avatar - DiscoBallGlowing
                      fayetteville tn
                      United States
                      Member #68981
                      January 3, 2009
                      1845 Posts
                      Offline

                      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 #68981
                        January 3, 2009
                        1845 Posts
                        Offline

                        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 #71118
                          February 19, 2009
                          1224 Posts
                          Offline

                          RotflmasROFL