Albuquerque – The New Mexico Lottery raised $41.3 million for college scholarships in Fiscal Year 2012, delivering its second-highest profits ever. Since launching in 1996, the New Mexico Lottery has raised nearly $529 million for education. More than 75,300 students have attended college on Legislative Lottery Scholarships.
“Sixteen years and half a billion dollars later, the Legislative Lottery Scholarship program has become a treasured resource for students and their families,” said Marcus Rael Jr., Esq., chair of the lottery’s board of directors. “We can all take pride that we have made our children’s education a top priority.”
The year’s net revenues of $41.3 million are equal to 30.88 percent of gross revenues. By law, the lottery is required to return at least 30 percent of monthly gross revenues to the state’s Legislative Lottery Scholarship fund.
Tom Romero, New Mexico Lottery CEO, said the lottery’s continued success depends on a well-informed marketplace where games are easy to find and purchase.
“When stores are crowded with products shouting for people’s attention, we are grateful to the clerks who promote our games and the people who play them,” Romero said. “Together, they’re doing good things for the students of New Mexico.”
The year’s net sales were approximately $133.79 million, down $1.75 million from last year. From net sales, prizes came to $72 million and retailers earned $8.7 million for selling tickets and cashing prizes.
Romero said the year’s revenues were lifted by increasing Powerball ticket prices from $1 to $2 in order to increase prizes and a sales rush that occurred in March when the Mega Millions jackpot reached a record $656 million.
More information about the New Mexico Lottery and Legislative Lottery Scholarships is available at www.nmlottery.com.
A table of New Mexico Lottery gross revenues and net revenues from FY 1996 through FY 2012 is on page 3.
New Mexico Lottery Raises $41.3 Million for Scholarships
New Mexico Lottery Gross Revenues and Net revenues
FY 1996 through FY 2012