Welcome Guest
Log In | Register )
You last visited August 13, 2020, 12:43 am
All times shown are
Eastern Time (GMT-5:00)

Oklahoma Lottery boosts sales with bigger prizes

Jan 17, 2018, 12:22 pm

Share this news story on Facebook
Tweet this news story on Twitter
Oklahoma LotteryOklahoma Lottery: Oklahoma Lottery boosts sales with bigger prizesRating:

Oklahomans spent 40 percent more on lottery tickets and scratch-offs since July 1 than they did during the same time period last year, a boost that has been attributed to changes that include larger payouts.

The Oklahoma Lottery Commission also reported that sales of scratch-off tickets alone are up by 60 percent. Because of higher sales, the commission estimates a double-digit increase in its contribution to education funds next year.

"Even without sales related to recent Powerball jackpots, we're still seeing tremendous growth in other games that are helping drive the increases we're projecting to education," said Jay Finks, director of sales and marketing.

The state lottery, which has seen diminished participation with its scratch-off cards in recent years, was able to increase prize amounts with a new law adopted by the Legislature last year.

As participation dwindled, officials had to shrink prize amounts because state law required that at least 35 percent of all proceeds be diverted to the Education Trust Fund. In 2013, the Lottery lowered payouts so it could comply with the profit margin restriction.

With lower payouts, lottery officials say they lost players.

Instead of a percentage, the lottery will now contribute the first $50 million in revenue to the Education Trust Fund. Lawmakers also required that administrative costs of managing the lottery not exceed 3 percent of sales.

Any sales above the $50 million mark will be available for legislative appropriation. That money will go to the state Department of Education to implement early reading intervention initiatives or science, technology, engineering and math programs, also known as STEM.

The high-water mark for lottery contributions to education was a decade ago, when more than $71 million was deposited into the trust fund. Last year, the lottery contributed just $53 million.

The changes are predicted to raise $330 million for education over the next five years, which Fink said is $110 million more than what would have been deposited without changes to Oklahoma's lottery system.

"Sales are up in a big way over last year, and all signs point to the lottery making a significantly larger contribution to education next year and in the years to come," said Oklahoma Lottery Commission Director Rollo Redburn.

The restructuring didn't affect multistate lottery games like Powerball. The commission last year planned to introduce 16 new and modified scratch-off games, however, including the state's first $10 scratch-off that pays out as much as $100,000.

NewsOK

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.

3 comments. Last comment 3 years ago by music*.
Page 1 of 1
Avatar
Chasing $ Millions.
White Shores- California
United States
Member #136473
December 12, 2012
6275 Posts
Offline
Posted: January 17, 2018, 1:40 pm - IP Logged

Oklahomans spent 40 percent more on lottery tickets and scratch-offs since July 1 than they did during the same time period last year, a boost that has been attributed to changes that include larger payouts.

The Oklahoma Lottery Commission also reported that sales of scratch-off tickets alone are up by 60 percent. Because of higher sales, the commission estimates a double-digit increase in its contribution to education funds next year.

"Even without sales related to recent Powerball jackpots, we're still seeing tremendous growth in other games that are helping drive the increases we're projecting to education," said Jay Finks, director of sales and marketing.

The state lottery, which has seen diminished participation with its scratch-off cards in recent years, was able to increase prize amounts with a new law adopted by the Legislature last year.

As participation dwindled, officials had to shrink prize amounts because state law required that at least 35 percent of all proceeds be diverted to the Education Trust Fund. In 2013, the Lottery lowered payouts so it could comply with the profit margin restriction.

With lower payouts, lottery officials say they lost players.

Instead of a percentage, the lottery will now contribute the first $50 million in revenue to the Education Trust Fund. Lawmakers also required that administrative costs of managing the lottery not exceed 3 percent of sales.

Any sales above the $50 million mark will be available for legislative appropriation. That money will go to the state Department of Education to implement early reading intervention initiatives or science, technology, engineering and math programs, also known as STEM.

The high-water mark for lottery contributions to education was a decade ago, when more than $71 million was deposited into the trust fund. Last year, the lottery contributed just $53 million.

The changes are predicted to raise $330 million for education over the next five years, which Fink said is $110 million more than what would have been deposited without changes to Oklahoma's lottery system.

"Sales are up in a big way over last year, and all signs point to the lottery making a significantly larger contribution to education next year and in the years to come," said Oklahoma Lottery Commission Director Rollo Redburn.

The restructuring didn't affect multistate lottery games like Powerball. The commission last year planned to introduce 16 new and modified scratch-off games, however, including the state's first $10 scratch-off that pays out as much as $100,000.

Finally! Sometimes the aroma of the coffee takes awhile to reach upper management in their sealed off boardrooms.

 * Voice of Reason *   

 

People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.

    Avatar
    Simpsonville
    United States
    Member #163184
    January 22, 2015
    2231 Posts
    Offline
    Posted: January 17, 2018, 4:17 pm - IP Logged

    Maybe those folks 'exploring' a Mississippi lottery will take note of this.  Like the old saying goes 'Don't hold your breath'.

      music*'s avatar - DiscoBallGlowing
      Fresno, California
      United States
      Member #157851
      August 2, 2014
      3927 Posts
      Offline
      Posted: January 17, 2018, 7:58 pm - IP Logged

      This is good news for Oklahoma lottery players. They are the ones who know best what is happening on the street. The players vote with their dollars. 

      Dance

       "We are all in this together!"