Kentucky Lottery Sales Remain Strong for First Half of Fiscal Year
LOUISVILLE, Kentucky (January 28, 2022) — In today’s meeting of the Kentucky Lottery Corporation’s board of directors, it was announced sales for the first half of the Fiscal Year 2022 (July through December) continue their record-breaking pace.
Sales for the period were $835.9 million. This is $125.6 million (17.7%) more than what was recorded in the first six months of the previous fiscal year, and $67.3 million (8.8%) more than the budget.
Vice President and Corporate Controller Maggie Garrison said the biggest percentage jump in sales was due to play on the iLottery platform. Sales via the internet for the period were $110.9 million, compared to $49.8 million for the same period in FY21. This is a 122.6% increase ($61.1 million). Scratch-off tickets continued to be the largest single category of Lottery sales. This product line saw $483.3 million in sales for the period, up to $51.4 million (11.9%) over last year and $44.0 million (10.0%) more than budgeted. Garrison said other game categories also continue to perform well. Powerball is up 47.7% over the same period last year to $38.6 million thanks to a solid jackpot run in December.
The Lucky For Life draw game has seen a 53.1% jump in sales to $5.9 million for the period due to moving to daily draws instead of twice weekly.
Garrison said net income for the period was $175.9 million, which is $21.1 million (13.6%) more than last year and $14.6 million (9.1%) more than budget.
“We’re continuing to deliver solid results thanks to a combination of terrific retailers and solid games,” said Kentucky Lottery President and CEO Mary Harville.
“We’re continuing to ensure the products our players want are in the marketplace, and it looks as if we’ll break the $1 billion in sales threshold at the earliest point ever in a fiscal year.”
In other businesses, the board approved contracts with:
- Smartplay International for random number systems and related services, along with maintenance and repair services for drawing machines;
- Garron Lottery Products for draw machines, ball sets and related services;
- Hudson Alley Software for sales force management solutions, and;
- Rules and regulations for three scratch-off tickets, six Fast Play games and two Instant Play games.
The next meeting of the KLC’s board of directors will be on March 25, 2022. The meeting will begin at 10:00 AM EST and will be held at the KLC headquarters at 1011 West Main Street in Louisville. The audit committee meeting will begin at 8:00 AM EST and the procurement committee at 9:00 AM EST.
SOURCE: Kentucky Lottery Corporation.Tags: Financial Reporting, Kentucky Lottery