BUSINESS

Florida Lottery posts $532M record profit in July

TAGs: florida, Florida Lottery, Leonard Postrado

Florida Lottery posts $532M record profit in JulyFlorida Lottery continues its winning streak in the opening of the second half of the fiscal year as it posts an all-time record sale of $532 million in July.

In a press statement, the Florida Lottery announced that its profits grew by 17 percent in July compared to the same month in the previous year. It also claimed to have “the strongest start ever to the new fiscal year.”

The Lottery’s sales figures represent the best July ever for both Scratch-Off and Draw game sales. Scratch-Off sales exceeded $332 million, with the introduction of the MONOPOLY™ FLORIDA EDITION family of Scratch-Off games accounting for over $100 million alone. Draw games accounted for over $199 million in sales.

According to Florida Lottery, the July ticket sales generated an estimated $144 million in contributions to the Educational Enhancement Trust Fund (EETF).

“As we move forward, we will continue producing innovative games and exciting promotions to ensure we continue to increase our sales and maximize revenue for education.” Secretary Tom Delacenserie said.

Florida has the second largest-selling lottery in the country, behind New York. It has reportedly contributed more than $30 billion to education and sending more than 725,000 students to college through the Bright Futures Scholarship Program.

The Florida Lottery reinvests 97 percent of its revenue back into Florida’s economy through prize payouts, commissions to more than 13,000 Florida retailers and transfers to education. Since 1988, Florida Lottery games have paid more than $52.4 billion in prizes and made more than 1,900 people millionaires.
South Florida’s slot taxes grew $187.9M

In another Florida gambling news, the Sunshine State received a total of $187.9 million in slot taxes this fiscal year, surpassing last year’s record of $182.5 million.

South Florida Reporter reported that the growth in slot taxes payments was due to the improvement seen in all of the Miami-Dade casinos. Magic City Casino leading the pack with $85.3 million; followed by Calder Casino with $74 million; Hialeah Park Casino with $68 million; and Casino Miami with $61 million.

Despite the drop seen in the three established casinos in Broward County, the county’s slot haul rose thanks to the newly re-opened Casino @ Dania Beach. Records showed that the Isle Casino, considered to be South Florida’s leader, saw a $2million dollar drop to $143 million.

Gulfstream Park Racing & Casino and its Hallandale Beach rival Mardi Gras are down $1 million from last year. Total earnings of Gulfstream now stands at $48 million and Mardi Gras $46.8 million.

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