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Virginia Lottery reports $690 million year-to-date profit, pushes retail and iLottery growth
Summary
The Virginia Lottery told its board April 9 that year-to-date profits through March are about $690 million, roughly $43 million ahead of projections, while iLottery and retailer expansion remain key growth strategies ahead of a potentially softer fourth quarter.
The Virginia Lottery reported Thursday that its year-to-date profit through March is about $690,000,000, roughly $43,000,000 higher than forecast, and said continued growth in its iLottery product and new retailer pilots underpin the performance.
The Lottery's executive director, Khaleed Jones, told the board the agency is “having a very, very, very good year,” noting iLottery sales have doubled into the billions — “over $2,400,000,000 this year in the first 3 quarters,” according to the board packet — and that online sales remain a major growth engine even as the iLottery enters its fifth and sixth years.
Board finance presenter Ms. Corden provided details on product performance and payouts: scratcher sales were up 8.8% year to date, daily games have lagged and remain below their expected payout…
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