The Louisiana Lottery is attributing the decline in the proceeds it transferred to the state coffers on the Louisiana’s slumping oil and gas industry and legislative changes that resulted in a sweep of the corporation’s unclaimed prize fund.
The company in a news release says third quarter 2017 revenues topped $118.7 million, with contributions to the state treasury at roughly $41.5 million, down about $16.6 million from the same quarter last year.
The corporation says Powerball revenue was low and sales of scratch-off games plateaued, through it did not provide figures for either category.
By law, at least 35% of lottery proceeds are transferred to the state treasury and dedicated for K-12 public education. Year-to-date contributions are about $119.7 million.
“January 2016 was the best month of sales in our 25-year history, about double an average month,” says Lottery President Rose Hudson in a statement. “The $1.58 billion world-record Powerball jackpot was responsible for that windfall, but unfortunately we cannot predict or expect those types of jackpots to occur with regularity.”
Since its inception in 1991, the Lottery has transferred more than $3.3 billion to the state.
