Published on July 20th, 2016 |0
GA Lottery Corp. transfers record $1.09 billion profits for HOPE, Pre-K education
This is the first time the Georgia Lottery has transferred more than $1 billion in a single fiscal year and is the largest funding transfer in the 23-year history of the lottery. This year’s profits smashed last year’s then-record transfer by more than $117 million.
“Educational programs funded by the lottery continue to lay the groundwork for Georgia’s evolving and growing workforce,” said Deal. Lottery profits pay for Georgia’s HOPE Scholarship Program and Georgia’s Pre-K Program.
“Since the inception of the Georgia Lottery in 1993, a total of $17.6 billion has been generated for educational programs,” Deal explained. “These funds have made it possible for more than 1.7 million college students to receive the HOPE scholarship and more than 1.4 million 4-year-olds to attend lottery-funded Pre-K programs.”
Georgia Lottery players won $2.75 billion in prizes in the 2016 fiscal year, which ended June 30, and retailers earned more than $270.7 million in commissions.
In 2014, Americans spent $70 billion on lottery tickets, according to CNN Money, more than the $62 billion spent on all other forms of leisure and entertainment.