Iowa Lottery reaches $1 billion donated to state funds
DES MOINES, IO – The Iowa Lottery announced recently that the transfer of just over $52 million that was made at the end of the fiscal year 2010 brought the total amount of lottery proceeds given to Iowa’s general fund to over $1 billion.
The Iowa Lottery has generated $1.25 billion in profits for the state since it began in 1985 but a share of those profits were earmarked for economic development and environmental programs rather than being deposited straight into the general fund. The Iowa Lottery also transferred $5.4 million to the Veterans trust fund at the end of fiscal 2010.
Chief Operating Officer of the Iowa Lottery Terry Rich said that this is a “really big deal” as the general fund needed a boost from somewhere in recent years. He pointed out that excellent scratch card sales have put the Iowa Lottery in a great position financially to enable them to offer new games and give more money to the state.
In a meeting last Thursday the Iowa Lottery Board voted 5-0 in favor of a $50.3 million contract with Georgia-based lottery provider Scientific Gaming to provide online gaming services to the Iowa Lottery for up to 10 years. The contract takes effect next July 3 but computer upgrades at some retail outlets likely will begin as early as March.
“This is much like having a 10-year-old computer and upgrading it. You can imagine the amount of changes that will be there.” said Rich
The Iowa Lottery continues to give lucky lottery players in the state richer and just one month ago, Lonnie Sandberg of Mason City won $1 million from a Mega Millions ticket that she purchased from an Iowa Lottery vendor.
Published: November 2, 2010