|For Immediate Release: 3/5/2001|
FOR IMMEDIATE RELEASE
March 5, 2001
LOTTERY ADJUSTS HOOSIER LOTTO
LOTTO TICKET SAL ES TO DICTATE JACKPOT INCREASES
INDIANAPOLIS In an effort to more closely align Hoosier Lotto prize payouts with game revenues, the Hoosie r Lottery announced changes to its Hoosier Lotto jackpot schedule.
Initial Hoosier Lotto jackpots will remain unchanged at $1 million. If not h it, the jackpot will stay at $1 million for one additional draw. Thereafter the jackpots will increase by a minimum of $500,000 per draw.
The Lotterys goal for this modification is to make Hoosier Lotto a game in which ticket sales more closely support designed prize payouts.
"The decision to delay jackpot increases until the third roll is fiscall y prudent," said John (Jack) Ross, director of the Hoosier Lottery.
"The Lottery has designed prize payouts to maximize the revenue it retur ns to the state," Ross said. "These payouts are conditioned upon sale s, and sales at the initial $1 million jackpot level have not been sufficient to warrant increasing the jackpot by $500,000."
In the first six months of fiscal year 2001 (which began in July 2000), Hoosi er Lotto ticket sales totaled $34.5 million. Fiscal year 2000 Lotto ticket sale s totaled $78.8 million.
Hoosier Lotto is one of six online (computer-generated) games offered by the Hoosier Lottery. Other online games are Powerball, 5 Card Cash, Lucky 5, Daily 4 and Daily 3.
Since the Hoosier Lotterys inception in 1989, $1.9 billion has been rai sed for the state to help fund education; police, fire and teacher pensions; Bui ld Indiana projects; excise tax reduction for all Hoosier car owners; and other programs the legislature designates.
More than 4,500 retail businesses across Indiana sell Hoosier Lottery tickets . For every $1 in ticket sales, 56 cents goes to prizes; 30 cents goes to the s tate; 10 cents goes to retailers and suppliers; 2 cents goes to salaries, profes sional services and administrative expenses; and 2 cents goes to advertising and promotions.
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For more information about the Hoosie r Lottery, please visit the Hoosier Lottery Web site media room at: www.hoosie rlottery.com.