Kentucky Lottery sees highest Q1 sales in its 33-year history
iLottery platform also breaking records
In today's meeting of the Kentucky Lottery Corporation's board of directors, it was announced that financial results are strong through October - with records being broken along the way.
According to VP of Finance Maggie Garrison, sales for the first quarter of the fiscal year (July through September) were $409.2 million, a new record for that period. This was $54.0 million (15.2%) more than last year and $19.5 million (5.0%) more than budget.
Sales continued their positive trend in October, finishing the month at $140.7 million. This was $21.7 million (18.3%) more than October 2020 and $11.1 million (8.6%) more than budget.
"Our year-to-date sales through October are $549.9 million, which is $75.7 million or 16% more than the same period last year," said Kentucky Lottery President and CEO Mary Harville. "Not only are our traditional products performing exceedingly well, our online iLottery platform has really taken off. Instant Play sales totaled $17.0 million in October, which marked a new monthly record for that product line. This is due in large part to the launch of our first-ever TV advertising initiative to let people know about playing Kentucky Lottery games via their mobile device or computer."
Net income year-to-date stands at $114.9 million, which is $9.6 million (9.1%) more than last year and $6.3 million (5.8%) more than budget.
In other business, the board:
* Re-elected Mark F. Sommer as chairman of the board of directors, and elected Aaron Witten as vice chairman.
* Approved a contract with Barker and Herbert Analytical Laboratories for lottery ticket testing and related services;
* Approved a contract with Elsym Consulting for internal control system implementation and related services;
* Amended game rules and regulations for the Cash Pop game, along with rules and regulations for a new family of Fast Play games, six Instant Play games and new or amended rules for seven Scratch-off tickets.
The next meeting of the KLC's board of directors will be January 28th 2022. The meeting will begin at 10:00 AM EST, and will be held at the KLC headquarters at 1011 West Main Street in Louisville. The audit committee meeting will begin at 8:00 AM EST, as well as the procurement committee at 9:00 AM EST.
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The Kentucky Lottery has earned over $6 billion for the Commonwealth since 1989. KLC dividends pay for college scholarships, grants and education programs. Visit www.kylottery.com<http://www.k