Thursday January 30, 2014- In a statement released this week, the North Carolina Education Lottery confirmed profits of $251 million during the six months to December 31st, 2013. These figures indicate a substantial profit growth of $23 million in comparison to the same period in 2012, made possible by the significant increase in instant ticket and Powerball sales. Although big Powerball jackpots are credited with increasing ticket sales, revenue from instant tickets also grew by 21%, resulting in total combined ticket sales of $900 million for the six months to December 31st 2013.
In just seven years, North Carolina residents have raised over $3 billion from lottery ticket sales alone, all of which directly benefits and supports the state education system. The General Assembly of North Carolina distribute the lotteryâ€™s net income amongst a series of resources including teacher salaries, improved learning tools, school building projects, learning support for at risk children and college scholarships.
Steve Brooks, executive director of the State Education Assistance Authority spoke about the vital ways in which lottery funds contribute to the public school system; â€œWeâ€™re pleased to have these funds available to students who need help with the costs of higher education and very appreciative that lottery revenues are there to fill in where tax dollars and other funds arenâ€™t available.â€
With an estimated 28 cents of every dollar spent on the state lottery reinvested in the North Carolina education system, lottery funding plays a crucial role in the growing success of the system. Executive director Alice Garland expressed the lotteryâ€™s aim to exceed $500 million in annual earnings by June 30th, a target that can only benefit everyone involved.
For the latest results and more information on the North Carolina Education Lottery, visit Lottery.net