Record Virginia Lottery profits to provide major boost to K-12 education across the state
Richmond, Virginia – Governor Glenn Youngkin recently announced a milestone achievement for the Virginia Lottery, which has generated its highest-ever profits in fiscal year 2024, totaling over $934 million. These profits will be directed toward supporting K–12 public education across the Commonwealth, marking a significant contribution to Virginia’s educational system.
Record-Breaking Profits to Support Education
Governor Youngkin expressed his excitement about this historic accomplishment, emphasizing its impact on education. “Over the course of my administration, we have been able to achieve record funding for K-12 education, allowing for increased opportunities in the classroom,” said Governor Youngkin. He highlighted that approximately 10 percent of Virginia’s K-12 education budget is derived from Virginia Lottery profits, which play a crucial role in funding public schools.
The record-breaking profits are a result of the Virginia Lottery’s dedication to its mission. Khalid Jones, Executive Director of the Virginia Lottery, acknowledged the hard work of Lottery employees, stating, “The record profits are a byproduct of every Lottery employee’s extreme dedication to our mission of contributing to our K-12 public schools one play at a time.” The $934 million profit represents a new high in the Lottery’s 36-year history, reflecting the organization’s commitment to supporting education in the Commonwealth.
Impact on Virginia’s Schools and Communities
The record profits were driven by a significant increase in Lottery sales, which surpassed $5.5 billion for the fiscal year ending June 30. This surge in sales was facilitated by over 5,300 businesses across Virginia, as well as through online platforms such as the Lottery’s mobile app and website. Secretary of Education Aimee Guidera emphasized the widespread benefits of these funds, noting that “Every school district in the Commonwealth benefits from the Lottery Proceeds Fund.” She further explained that these proceeds support several vital K–12 education programs, with approximately one-third of the profits providing discretionary funding for school districts to address their priority needs.
Virginia Lottery Board Chairman Ferhan Hamid also highlighted the benefits to local businesses, which earned more than $142 million in sales commissions and bonuses in FY24—a record amount. He pointed out that the Lottery not only supports education but also stimulates local economies, as customers purchasing Lottery tickets often make additional purchases at participating retailers.
Efficient Operations and Future Prospects
In addition to record-breaking sales and profits, the Virginia Lottery achieved a new low in administrative costs, operating at just 3.8 percent of sales. This efficiency underscores the Lottery’s commitment to maximizing its contributions to public education while maintaining a lean operational structure. The final profit figures for FY24 will be officially confirmed once the Auditor of Public Accounts completes their audit later this month.
As the Virginia Lottery continues to break records, its contributions to the state’s education system and local economies are more significant than ever. The ongoing success of the Lottery reflects a well-executed strategy that benefits students, schools, and communities throughout the Commonwealth.
