Iowa Lottery revenue up more than 14%
Iowa Lottery officials say they got a clean report after the state auditor reviewed their financial operations.
Iowa Auditor David Vaudt issued his latest report on the Iowa Lottery Authority January 18, 2013.
The report says revenue for the year that ended June 30, 2012 increased more than 14% over the previous year.
Some of the biggest gains were reported in Mega Millions and Powerball games. Hot Lotto and Pull-tab games saw decreases in revenue.
The revenue increase translated to increases is prize payouts and money sent to the state’s general fund. Prize expenses increased 14.77% and deposits to Iowa’s general fund were up 17.13% from $64.9 million to just over $76 million.
Deposits to the Veteran’s Trust Fund were down 12.43% from $3,105,371 to $2,719,494.
More than 60% of pull-tab and instant scratch ticket sales revenue was paid out in prizes for those games. Pick 3 and Pick 4 games each paid out 59% of their sales; 51% of Mega Millions sales were paid out as prizes.
Iowa law allows the lottery authority to spend up to 4% of its revenue for marketing. The Iowa Lottery Authority spent 2.1% of its revenue, or just over $6.6 million, on advertising production and media.
“We’re proud of our record here at the lottery and know that integrity must be at the heart of everything we do. It’s just as important as the sales we achieve, because if people don’t believe that the lottery is operated fairly and securely, they understandably wouldn’t want to buy tickets,” said a blog post from the Iowa Lottery.