Lottery Proceeds
By Pennsylvania law, at least 40 percent of Lottery proceeds are required to be paid as prizes, with another 27 percent towards funding programs. Currently, the Pennsylvania Lottery exceeds these requirements, as 60.9 percent is paid as prizes, 29.9 percent to programs, 6.7 percent is paid as retailer and vendor commissions and 2.5 percent is consumed as operating expenses.
For the 2009–2010 fiscal year, approximately $3.065 billion in gross revenue was acquired through proceeds and interest. Approximately $1.87 billion was paid as prizes, $915.7 million to programs, $207 million was paid as retailer and vendor commissions, and $76.6 million was paid to advertising and operations. The gross revenue for fiscal year 2009–2010 represented an increase of approximately 59 percent in sales over fiscal year 2001–02.
The Pennsylvania Lottery is the only US lottery that targets all of its proceeds to programs for its elderly residents. Since the beginning of the Lottery in 1972, more than $20.1 billion has been contributed to programs.
Read more about this topic: Pennsylvania Lottery
Famous quotes containing the words lottery and/or proceeds:
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