Virginia Lottery Posts Unprecedented Financial Performance

The Virginia Lottery has just realized the most successful financial year in its history, headlined by record-setting numbers that underscore growing gaming popularity, both online and retail. These results also translated into substantial revenue for Virginia, playing an instrumental role in education funding and setting an example for other states.

Retail and Online Segments Coexist Harmoniously

2024 marked the first year when more people buying tickets online than in-store. This groundbreaking shift helped fuel the Lottery’s overall ticket sales to $5.52 billion, up 20% from the previous fiscal year’s total of $4.61 billion. Of the total revenue, an unprecedented $3.07 billion was contributed by online games, outpacing the $2.45 billion in retail sales.

Despite the significant boost in online sales, the retail sector continued to grow, showcasing how the two can coexist and benefit one another. Virginia Lottery spokesperson John Hagerty discussed these results for news outlet Lottery Post, highlighting how the blossoming online segment consistently led to enhanced retail performance.

We started selling online on 1 July 2020, and it was an immediate hit with players. Sales at retail have grown since we began selling online.

John Hagerty, Virginia Lottery spokesperson

This trend suggests a substantial shift in the lottery industry, potentially encouraging other states to upgrade their lottery offerings with online functionality while maintaining robust retail operations. Retailers across Virginia have also benefited from the Lottery’s success, earning $141.5 million in compensation in FY 2024, up from $137.3 million in the previous year.

Lottery Revenues Boosted Virginia Education

All Lottery profits in Virginia go to K-12 public education in the Commonwealth. The Lottery’s contribution of more than $934 million last year equates to more than $2.5 million in daily funding for Virginia’s public schools. These results represent another reason for other states to consider an online lottery, as it provides Virginia with an invaluable revenue stream.

Governor Glenn Youngkin was thrilled regarding the Lottery’s record-setting performance, emphasizing its impact on education. He highlighted the increased opportunities enjoyed by students and was optimistic that the improved funding would translate into enhanced support and resources for public schools across the state. Youngkin noted that Virginia Lottery profits accounted for 10% of Virginia’s K-12 education budget.

I am so thrilled these record profits will help provide the necessary support and resources for Virginia’s students.

Governor Glenn Youngkin

Virginia Lottery’s prize payoffs also followed this positive trend, reaching $4.25 billion, up almost $1 billion from 2023. High-profile jackpots in the state highlighted how lotteries can change lives, but the real benefit lies in the ongoing financial support for education. 2024’s results highlighted a successful business model, and stakeholders expect enduring momentum.