by Andrew Powell
Scratch-off tickets accounted for 75 percent of sales, helping The Florida Lottery to an 11th consecutive year of breaking records and sending $2.3 billion into public education.
Total sales for the fiscal year ending June 30 were $9.32 billion, says the recently released annual comprehensive financial report. Second in sales is the Pick Family, which at 9 percent was down slightly from 10 percent the previous year. Third was Powerball with Power Play at 5 percent, up from 4 percent in 2021.
Prizes paid to winners totaled $6.3 billion in 2022. After operating costs, the remaining balance went to the Educational Enhancement Trust Fund.
Sales are projected to increase year over year; total liabilities for the Lottery have decreased by $144.7 million to $616.6 million for 2022. This is attributed to a decrease in prize winnings of $58.13 million and a decreased amount of $59.14 million owed to the education trust fund.
The population in Florida is projected to increase by at least 1.4 percent in 2023 and another 1.3 percent in 2024. Lottery officials want to capitalize, a release says, with plans for initiatives to increase the player base using new products, technology and diversifying retailers.
The Lottery, which is an enterprise fund of the state of Florida, operates as a business within the structure of the state government.
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Andrew Powell is a contributor at The Center Square.
Photo “Lottery” by Peaton Hugo.
