Virginia Lottery Sets New Record in 2024

For the first time in its 36-year history, the Virginia Lottery saw online sales exceed retail sales, marking a significant milestone for the state lottery in Fiscal Year 2024. The Virginia Lottery reported an unprecedented $934 million in profits, shattering previous records and reflecting the growing popularity of digital lottery platforms.

Virginia Lottery's total sales reached $5.5 billion, a $900 million increase over FY2023, when the state recorded $4.6 billion in sales and $867 million in profits. This surge not only exceeded expectations by 4% but also resulted in record-breaking prize distributions. Players claimed a staggering $4.2 billion in winnings, translating to a payout rate of 77 cents per dollar spent on lottery tickets.

The fiscal year’s performance underscores the lottery's shift towards digital engagement. Online lottery sales, which for the first time eclipsed traditional retail sales, drove much of this growth. The transition reflects broader consumer trends favoring convenience and accessibility, positioning the Virginia Lottery at the forefront of digital transformation in state-run lotteries.

 

Key Points

• Record-Breaking Profits: The Virginia Lottery achieved $934 million in profits for Fiscal Year 2024, marking a new high and a significant increase from the previous year.
• Online Sales Surpass Retail: For the first time in the lottery's history, online lottery sales exceeded traditional retail sales, reflecting a shift towards digital platforms and consumer preferences.
• Education Funding: Approximately 10% of Virginia's K–12 education budget comes from lottery proceeds, with the record profits providing vital financial support to public schools across the state.

 

Retailers Also Reap Rewards

Despite the rise in online sales, the Virginia Lottery’s retail partners saw significant benefits as well. They earned over $142 million in sales commissions and bonuses in FY2024. According to Virginia Lottery Board Chairman Ferhan Hamid, the sale of lottery tickets not only increased revenue for retailers but also stimulated additional business, benefiting local economies by driving foot traffic and encouraging impulse purchases.

Lottery proceeds continue to be a major contributor to Virginia’s education system. Approximately 10% of the state's K–12 education budget is funded by lottery profits. In a statement, Virginia Governor Glenn Youngkin celebrated the lottery’s contributions, noting that record profits help provide critical support for public schools across the state. “Over the course of my administration, we have been able to achieve record funding for K–12 education, allowing for increased opportunities in the classroom,” he said.

The Virginia Lottery’s profits are channeled into the Lottery Proceeds Fund, which provides crucial financial support for various K–12 education programs. Secretary of Education Aimee Guidera highlighted the importance of this funding, stating that a significant portion allows school districts to allocate resources according to their specific needs.

Lottery Executive Director Khalid Jones expressed his gratitude to the employees whose efforts have driven this record-breaking success. He emphasized the critical role of the lottery in supporting education in Virginia and pledged to continue building on the momentum generated in FY2024.

 

A Promising Future

The Virginia Lottery’s ability to surpass previous records and shift towards a more digital-first model reflects the evolving landscape of lottery gaming in the U.S. With digital platforms driving growth and continued support for education, the lottery is poised for ongoing success in future fiscal years.

As Virginia continues to innovate and adapt to consumer preferences, the lottery's contributions to the state’s economy and public education system are likely to grow, benefiting both residents and businesses alike.