Illinois Lottery Rakes in Massive Revenue in Half-Year Sales
The Illinois Lottery has released its performance results for the first six months of the 2024 fiscal year, revealing $1.9bn in lottery sales.
During the period, starting from October 2023 to March 2024, the Illinois Lottery remitted $456m to the state as lottery returns.
LISTEN TO THIS ARTICLE:Additionally, the operator generated over $4.1m for charitable causes through its scratch ticket program. The funds from the program support social initiatives like Alzheimer's research, HIV/AIDS prevention, Special Olympics, Multiple Sclerosis treatment, and Illinois veterans' programs.
From the beginning of the year, the program expanded its scope to include support for the United Negro College Fund and DREAM Fund.
Related: Illinois Bill Allows Employees with Convictions to Work in Casinos
First $50 Instant Tickets Launch
In the fiscal period, the Illinois Lottery debuted its $50 Instant Ticket, resulting in weekly contributions of over $500,000 to the Common School Fund from mid-December.
The largest prize awarded during this period was a $23.75 million Lotto jackpot won on a single ticket purchased from a BP gas station. Significantly, it also marked the largest Lotto prize won in Illinois in over seven years.
Established in 1974, the Illinois lottery offers a variety of draw games like Lucky Day Lotto, Pick 3, Pick 4, and scratch-off tickets. Over the years, the Lottery has produced record-breaking jackpots, including multi-million dollar prizes in games like Lotto, Mega Millions, and Powerball.
For 50 years, the Lottery has provided Illinois residents with fun and entertainment, a chance to win, and an opportunity to make a difference through the funding we generate – with K-12 education as the Lottery's primary benefactor during most of our time serving Illinois. The Lottery has contributed more than $24 billion in revenue to educational funding in Illinois.
More Finance News
Illinois Hikes Sports Betting Tax
Since their inception, the Illinois lottery and the gambling industry have significantly contributed to the state's tax revenue. While the Illinois lottery is embracing innovation in various aspects of its operations to improve player experiences and increase sales, the government is also implementing policies to drive up revenue in the gambling industry.
Last month, Governor J.B. Pritzker proposed increasing of the sports betting tax from 15% to 35% to generate an estimated $200 million in additional revenue. The sports wagering tax hike was part of the key proposals recommended by Pritzker to achieve his $52.7 billion state spending plan.
According to the governor, the tax increase will address various issues, most particularly the migrant crisis in the state.
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