The Tennessee Education Lottery Corporation announced Monday it raised $133,372,000 for education in the Volunteer State during the first quarter of Fiscal Year 2024 (FY24), setting a new first quarter record for the amount generated for education.
Total revenues for the quarter, which spanned from July 1, 2023 – September 30, 2023, were up 5.9 percent over the same period last year. FY24’s first quarter revenues were the highest in the Lottery’s history.
“This quarter’s results reflect the Lottery’s strong commitment to Tennessee,” Rebecca Paul, President and CEO of the Lottery said in a statement. “Students and families across the state continue to benefit from scholarships, grants and after-school programs funded with Lottery dollars, and we remain committed to working hard to continue this momentum.”
All profits leftover from the 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 more.
The Lottery was originally approved by Tennessee voters on a statewide referendum in 2002 and was authorized by the Tennessee General Assembly to operate games and generate funds for specific education programs in the state in 2003.
On its website, the Lottery says it is “committed to the strategies that drive its success and help achieve its core mission of maximizing funds for education in Tennessee.”
In Fiscal Year 2023 (FY23), the Lottery set a new Fiscal Year record for the amount transferred for education, generating a total of $515,397,000, as previously reported by The Tennessee Star. FY23’s generated funds surpassed Fiscal Year 2022’s proceeds by more than $29.8 million.
The Lottery’s first ticket sale took place nearly 20 years ago on January 20, 2004. Since then, the Lottery has generated more than $7.1 billion in total education funding, distributed more than $19.5 billion in prizes won by players, and paid out more than $1.8 billion for 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.
And just how many of those students getting grants and free education rides actual complete a degree program. I would guess less than 50%. Now is that a good investment? I think not. Besides a state run on gambling proceeds is a loser in my book.