The annual financial report of the Louisiana Lottery shows that despite a decline in sales from 2022 (following 2021’s record year), revenues remained high, contributing $191.2 million to the state treasury.
Last week, the Louisiana Legislative Auditor released the lottery’s annual comprehensive financial report for fiscal years 2021 and 2022. James Goodrum, the lottery’s vice president of finance and controller, reported to the LLA that the company’s total sales of $583 million and payments to the state treasury of $191.2 million were the second highest levels ever in the lottery’s 31-year history.
As of June 30th, the Lottery’s net position was $12.1 million, and general operating expenses were $1 million under budget. The numbers show that by 2022, total sales will have dropped to $581 million from a peak of $624 million in 2021. Total income in 2020 was $511,000,000.
Sales of instant tickets with a hidden prize dropped from $333 million in 2021 to $292 million in 2022, contributing heavily to the decline. Despite the drop, 2022’s total was still about $28 million higher than the total for 2020’s scratch-off sales.
Investment and other income accounted for a loss of about $1.7 million, bringing total revenues for 2022 to $581.3 million. After a surge of $68.7 million in the 2021 fiscal year, sales of instant scratch-offs fell by $40.6 million the following year.
A Pick 5 game introduced on August 1, 2021, and Instant Fast Play games released on June 28, 2021, together generated $20 million in sales in 2022. Pick 3 and Pick 4 daily game sales fell in 2022.
After an all-time high of $28.3 million in 2021, payments to the treasury “decreased in the fiscal year 2022 by $16.3 million,” as the report puts it.
Accounts payable, leases payable, accrued payment to the state treasury, prizes, and withholdings all contributed to a $7 million increase in Lottery liabilities in 2022. The initial July 2022 vehicle lease payments are responsible for the roughly $200,000 increase in leases payable. Differences in sales, revenue, and expenses between the 2022 and 2021 fiscal years resulted in a $4.9 million increase in the accrued payment to the state treasury.
Variations in sales, winnings, and payment schedules, as well as an increase in the projected net use of unclaimed prizes in the following fiscal year, all contributed to a $1.6 million increase in prizes and withholdings.
According to the report, the Lottery’s net position will fall by $381,000 in 2022 and $276,000 in 2021 as a result of payments to the state treasury and net income.
Andre Rogers has been a content and opinion writer for many popular online publications over the years. Andre is now our chief editor at Louisiana Informer. Andre specializes in current trends and technology.
