The Tennessee Education Lottery Corporation announced Tuesday that it raised $519,322,000 for education in the Volunteer State during Fiscal Year 2024 (FY24), setting a new Fiscal Year record for the amount generated for education.
FY23, which spanned from July 1, 2023, through June 30, 2024, surpassed Fiscal Year 2023’s proceeds – the previous fiscal year record – by more than $4 million.
Rebecca Paul, president and CEO of the lottery, said FY24 was an “outstanding year” for the lottery.
“This year’s results are incredible news for students and families in Tennessee,” Paul said in a statement. “It has been an outstanding year thanks to the support and hard work of so many, and we look forward to continuing this momentum for years to come.”
The lottery said its top sales drivers during FY24 included instant-ticket games, Cash 3 and Cash 4 games growth, and large Powerball and Mega Millions jackpots.
In the long term, the lottery said its proceeds have increased by an average of 4.5 percent annually for the past 10 years.
All profits leftover from Tennessee Lottery ticket sales go to pay for specific educational programs throughout the Volunteer State, including HOPE Scholarships, Wilder-Naifeh grants, Drive to 55 initiatives, such as Tennessee Promise, and others.
The lottery is celebrating its 20th anniversary this year, as its first ticket sale took place on January 20, 2004.
Tennessee voters approved the lottery’s creation via a statewide referendum in 2002. In 2003, the Tennessee General Assembly authorized it to operate games and generate funds for specific education programs in the state.
Since its inception more than 20 years ago, the lottery has returned more than $7.5 billion to the state for education programs, on top of its approximately $20.5 billion payouts in prizes for players and $1.9 billion in retailer commissions.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network. Follow Kaitlin on X / Twitter.
