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$1.5 billion expected by end of the week
Fueled by the unwavering popularity of video slots, the West Virginia Lottery is on pace to close out the 2005-06 budget year on Friday by topping $1.5 billion in sales, Lottery Director John Musgrave said Monday.
Unofficially, Lottery sales already have rolled past last year’s record $1.399 billion, and are closing in on the $1.5 billion mark.
Through the end of May, overall Lottery sales were nearly $1.397 billion, up 9 percent over the same period in 2004-05. For the month, the Lottery brought in $133.4 million.
If June sales remain consistent, the Lottery would finish the budget year with $1.53 billion in sales, or better than $120 million above official estimates for 2005-06.
The state’s 11,471 racetrack video lottery machines and 8,171 limited video lottery machines will account for $1.3 billion of that total.
Limited video lottery, in 1,733 licensed bars, clubs, and fraternal locations statewide, had the fastest growth at $330.9 million, up $47 million — or 17 percent — over last year’s figures. Racetrack lottery was up $43 million, or about 5 percent, at $863.2 million.
Traditional on-line and scratch-off lottery games also are seeing growth, up $24 million or 13 percent, at $202.5 million. Several large Powerball jackpots helped ticket sales jump 35 percent, accounting for $16 million of the increase in traditional games revenue.
The state’s share of the lottery profits, at $593.2 million through May 31, is projected to finish the year topping out at more than $660 million.
Musgrave noted that 2005-06 would mark the 20th consecutive year of record lottery sales.
However, projections are that the trend will cease in 2006-07, as competing video slot machines are expected to come on-line in Pennsylvania later this year.
Estimates are for gross revenue to drop by more than $85 million in the next budget year, as competition is expected to result in the first revenue decline in state lottery history.
Broken down by total wagering, the numbers are more impressive:
Lottery players at the state’s four racetracks through May 31 had played a total of $9.25 billion in credits, winning $8.39 billion. After expenses, the tracks have claimed $470.8 million in profits, while the state’s share of racetrack video lottery revenue is $374.9 million.
Limited video players have played a total of $4.04 billion in credits, and claimed $3.7 billion in winnings. After expenses, the limited video retailers and operators picked up $178.6 million in profits, with $139.3 million in revenue going to the state, and another $6.48 million divided among cities and counties where the machines are located.
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