Pennsylvania Lottery Revenue Peaks to Record High
The Pennsylvania Lottery has reached a new record in lottery ticket sales. The States Lottery sold over $4.5 billion worth of lottery tickets in the 2018/19 financial year. According to Pennsylvania Lottery, the ticket sales set an all-time record since its inception 47 years ago. The executive director of the Penn State Lottery, Drew Svitko, says the 2018/19 financial year is the eighth year in a row that over $1 billion was generated in efforts to assist older Penn State residents.
Pennsylvania Lottery released a statement to the press last week in which they announced the financial results. They stated in the press release, that $2.9 billion in prizes was awarded to players between 1st July 2019 and 30th June 2019. The recent surge in numbers was attributed to the development of online lottery games in casinos. Other US states have also seen an increase in lottery sales since the introduction of internet-based platforms for lottery games. Lottery sales across the country have spiked as well.
Pennsylvania Lottery Growth in Numbers
Seniors will benefit greatly from the Pennsylvania Lottery growth. Of the profits from the 2018/19 fiscal year, $1.14 billion will be designated to PA Seniors. However, it’s not just seniors that are benefitting as 70 gamblers have won more than $1 million in prizes. Licensed lottery retailers in the state have also benefitted with an estimated $266 million in commission on lottery tickets. PA iLottery along with Keno and Xpress Sports are said to have generated profits of over $40 million.
Digital Gaming Responsible for Growth
Pennsylvania Lottery has contributed greatly to the growth of the PA gaming industry. The state has become the second highest-grossing gaming market in the US, coming second place to Nevada. More growth can be anticipated for the future as five satellite casinos are in progress in Penn State. Governor Tom Wolf signed an expansion package deal in 2017 which paved the way for sports betting, digital casinos, airport gaming lounges as well as video gaming terminals at certain truck stops.