Annual Virginia Lottery profits soar to $765 million
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But the profits surpassed the wildest hope of legislators, who upped the revenues expected in the last fiscal year to $708 million, about 8% less than the lottery collected. The budget estimates $690 million in profits in this fiscal year, which began July 1.
This year, the lottery will not have competition from so-called electronic skill games, which the assembly and Northam banned, effective July 1, after a one-year reprieve in which they were regulated and taxed to generate money to help small businesses hurt during the pandemic.
Lottery officials had said that the games, when unregulated, competed directly with lottery sales in many restaurants and stores.
“Love to see what [lottery profits] look like after July 1st,” texted Sen. Bill Stanley, R-Franklin County, who has filed a lawsuit against the state on behalf of Hermie Sadler, a former NASCAR driver and owner of a truck stop and numerous convenience stores in Southside Virginia that have relied on the now-banned electronic skill games to attract retail business.
Stanley added: “it proves that what they said about skill games was a bunch of hooey!”
The lottery also benefited from a law enacted last year that allowed it to sell games over the internet, beginning last fall.
“It’s been a tremendous success for us,” Hall said.
