RICHMOND — Gov. Glenn Youngkin today announced Wednesday that the Virginia Lottery’s fiscal year 2024 profits were the highest in its 36-year history, totaling more than $934 million to support K-12 public education in the Commonwealth.
“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,” said Youngkin. “I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students. Approximately 10% of Virginia’s K-12 education budget comes from Virginia Lottery profits that assist in funding public schools.”
The record profits were driven by record sales of more than $5.5 billion in the fiscal year that ended June 30, according to the announcement from the governor’s office.
“The record profits are a byproduct of every lottery employee’s extreme dedication to our mission of contributing to our K-12 public schools one play at a time,” said Lottery Executive Director Khalid Jones. “We are pleased that the Lottery was able to deliver for the Commonwealth once again, and in an even bigger way than ever before.”
People who chose to play did so at one of more than 5,300 businesses across Virginia, or online through either the lottery’s mobile app or at valottery.com.
“Virginia businesses that partner with the lottery by selling tickets earned more than $142 million in sales commissions and bonuses in FY24, a record amount,” said Virginia Lottery Board Chairman Ferhan Hamid. “Customers who buy lottery tickets at retailers typically make other purchases as well. The lottery is good for Virginia businesses.”
Constitutionally, all Virginia Lottery profits are used solely for educational purposes.
“Every school district in the Commonwealth benefits from the Lottery Proceeds Fund,” said Secretary of Education Aimee Guidera. “Several vital K-12 education programs are supported and approximately one-third of the profits provide discretionary funding for each school district to determine their priority needs.”
Of the $5.5 billion in lottery sales for the year, a record $4.2 billion went back to players as prizes, according to the governor’s office, meaning for every dollar spent playing, approximately 77 cents went back to players.
Along with record-breaking sales, profits and retailer commissions, the governor’s office noted the lottery also saw an unofficial record-low rate for administrative costs, operating at 3.8% of sales.
For a complete list of lottery funds distributed to Virginia school districts, visit the Virginia Lottery’s Giving Back page. For general information or to play games online, visit the Virginia Lottery’s website or download the Lottery’s app. Here you can find more details about sports betting and casinos. Connect with the Lottery on Facebook, X, Instagram, or YouTube.
