State receives more than $23.6 million in lottery share

State receives more than $23.6 million in lottery share
Mississippi treasury receives whopping $23.6 million lottery share (Source: File Image)

JACKSON, Miss. (WDAM) -Thanks in large part to escalating jackpots in both the Powerball and Mega Millions lottery games, the Mississippi Lottery Corporation’s January net proceeds transfer to the state treasury was nearly three times the prior monthly average for Fiscal Year 2021.

The MLC announced Thursday that it had transferred $23,620,028 to the Mississippi State Treasury’s Lottery Proceed Fund.

That brought the total net proceeds to more than $75 million for Fiscal Year 2021.

The state’s 2021 fiscal year runs from July 1, 2020, to June 30, 2021.

Net proceeds had averaged around $8.5 million over the first six months before January’s monster month.

“We are thrilled to make this extraordinary contribution to the state,” MLC President Tom Shaheen said in a statement. “In January, we saw astonishing growth in Powerball® and Mega Millions® sales as a result of the jackpots growing to unprecedented amounts.

“Additionally, increasing sales in Cash 3 has fueled growth, and instant scratch-off games continue to be popular.”

The big month left the Lottery Proceed Fund just $5 million shy of reaching the first, legislatively-mandated earmark for those monies.

“By law, the first $80 million of the fiscal year transfers is dedicated to road and bridge repairs,” Shaheen said. “Funds over $80 million are earmarked for education needs.

“With five months remaining in Fiscal Year 2021, we are on track to raise enough revenue for distribution to both groups.”

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