The Virginia Lottery released a report on its fiscal year 2024 performance, which revealed some big news for the industry.
Most notably, Virginia online lottery sales outpaced retail sales, marking the first time any state has seen such a shift. Virginia’s success in this area could point to more iLottery growth in the Commonwealth and beyond.
A big year for Virginia Lottery
According to a press release from the state’s lottery, Gov. Glenn Youngkin announced that the lottery’s profits surpassed $934 million. The Virginia Lottery has operated for 36 years and this is the single highest figure ever seen in the state, as it almost approached $1 billion in earnings.
Youngkin said:
“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. I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students. Approximately 10 percent of Virginia’s K-12 education budget comes from Virginia Lottery profits that assist in funding public schools.”
The sales figures, naturally, back this up. Virginia Lottery sales were up 20% from last year, setting another record. The state surpassed its sales goal by 4%.
Virginia online lottery sales highlights
- Online lottery gross sales outsold retail gross sales
- The lottery sold $2.9 billion in eInstants — up 41% from FY 2023 and 2% ahead of the sales goal
- More than 155,000 new first-time depositors
Retail lottery sales highlights
- Retail sales grew more than 1% following declines of 4% earlier in the year, despite boycotts over skill games
- Record retailer commissions: over $140 million
- Scratcher sales exceeded $1.3 billion, a 2.5% increase over FY23 and 8% ahead of the lottery’s goal
- A total of 208 new retailers joined the Virginia Lottery network, bringing the overall retailer base to 5,352
- Added 130 vending machines, which in turn provided $25.4 million in total sales
What Virginia’s notable 2024 could mean for iLottery expansion
Virginia’s amazing year sets the stage for ongoing iLottery growth in other states. Online lottery surpassing retail sales is a big swing, especially considering it had never happened before on a year-over-year basis in any US iLottery market.
Virginia neighbors various states with online lotteries and yet others that remain staunch holdouts. This landmark performance could signal a new wave of iLottery adopters who use Virginia as a template.
Photo by Dana.S via Shutterstock
Graphic from the Virginia Lottery
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