Colorado Lottery Sets Revenue Record and Distributes $195 Million to Beneficiaries
Colorado Lottery breaks revenue record nears $890M in FY 2022-23, with $195M set for beneficiary distribution.
Colorado Lottery breaks revenue record nears $890M in FY 2022-23, with $195M set for beneficiary distribution. (PHOTO: SBC America)
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Colorado Lottery Sets New Revenue Record with Third Consecutive Year of Growth
The Colorado Lottery has made a remarkable achievement by hitting a new revenue record for the third year in a row. According to The Gazette, the Lottery’s earnings have consistently risen in six out of the last seven years almost reaching $890 million in the 2022-23 fiscal year, with 2020 being the exception due to the pandemic’s impact. The most popular source of revenue is scratch tickets, contributing around $597 million, making up over two-thirds of the total revenue. Although this figure grew only by a modest 1.1% compared to the previous year, it’s still a noteworthy accomplishment.
The report stated that there’s been an increase in Coloradans participating in jackpot games, leading to a substantial 23.9% rise in revenue from these games compared to the previous year. This boost is largely thanks to more people engaging with games like Powerball and Mega Millions, which balanced out a decrease in revenue from the Lotto/Lotto+ game.
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Colorado Lottery’s Commitment to Responsible Allocation and Community Impact
Tom Seaver, the Colorado Lottery Director, highlighted that as revenue grows, the organization’s commitment to responsible practices also grows. According to Colorado Lottery, the record revenue not only benefits winners but also supports important projects for parks, recreation, open spaces, and wildlife conservation, enhancing Colorado’s quality of life.
When it comes to sharing the earnings, the Colorado Lottery emphasizes fairness. For every dollar spent, 65 cents are given to winners, while beneficiaries receive 21 to 24 cents. Retailers who sell lottery tickets also get a share, making around $19,000 each. The Gazette further stated that a staggering $195 million will be distributed to various beneficiaries in the year 2023.
Notable shares include:
- $75.1 million for Great Outdoors Colorado
- $78 million for the Conservation Trust Fund
- $19.5 million for Colorado Parks and Wildlife, with an additional $8.3 million for specific funds.
- $11.3 million for The Building Excellent Schools Today initiative, $8.3 million of which comes from extra revenue.
- $2.25 million for The Outdoor Equity Fund
These allocations underline the Colorado Lottery’s commitment to supporting the community responsibly and effectively.
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