Sales up around 15% compared to FY21
August 16, 2022
The Virginia Lottery posted record sales of $3.75 billion and a record nearly $779.6 million in profits for fiscal year 2022, the lottery’s board of directors announced Tuesday.
Sales were up about 15% from a year ago and lottery profits were up about 1.9% from the prior year’s record. The fiscal year of the lottery ends on June 30.
“Strong business practices supported by a broad game offering to our players and the ability for our valued retail partners to earn commissions and bonuses are what led to this record year,” said Kelly Gee, Director Virginia Lottery executive, in a statement. “We’ve had positive impacts in every corner of the state, from players winning record amounts of prize money to retailers benefiting from their ticket sales.”
Online sales grew steadily for the second full year since the revenue stream was legalized in July 2020. More than 5,300 brick-and-mortar retailers earned a total of $138.6 million in commissions and bonuses.
Virginia Lottery players won $2.67 billion, another record. The biggest prize was $10 million, which a woman from Haymarket won on an Extreme Millions ticket.
Proceeds from the Virginia Lottery support K-12 public schools in Virginia.
The Virginia Lottery’s new responsibilities are the licensing and regulation of mobile sports betting and casino gaming. Virginia legalized sports betting in January 2021. Since then, the lottery has garnered $5.6 billion in gross sports gaming revenue. The state had 13 active licensed sports betting licensees at the end of the fiscal year.
On July 8, Virginia’s first casino, the Hard Rock Hotel & Casino Bristol, opened in a temporary space. Three other casinos are preparing to open in Portsmouth, Norfolk and Danville.
Caesars Entertainment Inc. announced earlier this month that it would increase its investment in the Danville casino and resort to $650 million and announced the Eastern Band of Cherokee Indians as a joint venture partner.
In July, HeadWaters Resort & Casino, the Pamunkey Indian Tribe’s $500 million gambling project planned for Norfolk, announced it was abandoning plans for a temporary casino at Harbor Park, instead locating the facility on the same property. than the permanent casino.
The $300 million Rivers Casino Portsmouth is on track to become the first casino in Virginia to open a permanent location in January 2023. Casino owner Rush Street Gaming plans to hire 1,300 employees permanent.