The Arkansas Lottery has released its financial summary for the month of May. The report shows lottery revenue increased by more than $1.8 million from April to May.
Despite this increase in revenue, scholarship proceeds dropped by nearly $472,000–falling to $5.4 million or 15% of the Lottery’s revenue for the month.
All told, the Arkansas Lottery has taken in $375,419,115.97 since July 1, 2014, but it has only paid out $64,171,317.48 in scholarship money–17% of the Lottery’s overall revenue for the year.
The Arkansas Lottery’s fiscal year closes at the end of this month. Looking at the numbers, it appears the Arkansas Lottery likely will pay out between $70 and $76 million in scholarships this fiscal year–about 17% – 18% of its gross revenue.
Below is a breakdown of the Lottery’s revenue and scholarship payments this fiscal year.
|Month||Gross Lottery Revenue||Paid to Scholarships||% Gross Revenue|
|July||$ 30,925,067.43||$ 5,928,447.99||19%|
|Total||$ 375,419,115.97||$ 64,171,317.48||17%|