TN Lottery collects record $119M quarterly profit

News release from Tennessee Education Lottery
NASHVILLE – The Tennessee Lottery continues to shatter its own records announcing today the highest quarterly return to education since it began January 20, 2004. The period from January 1, 2016, through March 31, 2016, realized a record return to education of $119.1 million, a 27.2 % increase over the previous quarterly record of $93.6 million set during the third quarter of 2015.

Other notable records broken during this quarter include:

• Highest quarter of Instant ticket sales of $355.4 million
• Highest quarter of Draw-Style sales of $125.7 million
• January, March and February 2016 represent the top three selling months for Total Sales since inception

Total Lottery funding for education-related programs in Tennessee, including funds used for scholarships, grants, and after-school programs, now exceeds $3.6 billion. The Lottery’s stellar performance—growth every year since inception—is thought to be a U.S. record for consecutive years of sales growth, continuing its place as one of the top organizations in the industry.

“This success is incredible news for students, families and education in Tennessee,” said Rebecca Hargrove, President and CEO of the Tennessee Lottery. “This record quarter adds to what was already shaping up to be an all-time high fiscal year. We continue to see growth across all products, proving a varied lineup of games remains popular with players.”

Since the first awards were given in the fall of 2004, Lottery-funded programs have grown to include 12 different scholarships and grants, multiple after-school programs, an energy-efficient schools program, and the recent Tennessee Promise initiative. During the 2015-2016 academic year, the number of Lottery-funded scholarships and grants reached over one million.

“These achievements are only possible with the support from enthusiastic players, the hard work of over 5,000 retailers statewide, the guidance of our board of directors, and the hard work and commitment of our employees.” said Mrs. Hargrove.

“We remain dedicated to ongoing success by developing new and innovative products, expanding our retailer base, emphasizing customer service, and operating with efficiency and integrity.”

In addition to the educational beneficiaries, players have won more than $9.9 billion in prizes and Lottery retailers have earned more than $953 million in retailer commissions.