West Virginia Lottery Revenue Exceeds $1 Billion for 10th Consecutive Year
May 1, 2012CHARLESTON, W.Va. – West Virginia Lottery Director John Musgrave announced that the West Virginia Lottery revenues have exceeded the $1billion mark for the 10th straight year with three months remaining in the fiscal year at the April Lottery Commission Meeting.
The West Virginia Lottery had total revenues of $1.09 billion, an estimate roughly $20 million ahead of budget projections as of March 31. That total is $51 million higher than the same point last year. The Lottery recorded revenues of $1,404,552,377 for last fiscal year and the West Virginia Lottery’s all-time high for annual revenues of $1,580,212,381 was set in 2007.
Musgrave cautions that Lottery projections were based on expected increased competition with new casinos scheduled to be operational already in Ohio and Maryland that have been delayed. Those facilities, that will compete for customers with West Virginia's facilities, are expected to open in the coming months.
“We know the increased competition is coming, and it will have the impact that we’ve been saying for quite some time,” Musgrave said.
Year-to-date, the state’s share of Lottery revenues is $481.56 million, up $26.7 million over last fiscal year.
Since 1986, the West Virginia Lottery has produced more than $6.2 billion in proceeds for the state that have benefited education, seniors and tourism.
