Today the Arkansas Lottery released its financial report for the month of February.
The report shows the Arkansas Lottery took in over $40 million last month.
In spite of making more than a million dollars every single day, the Lottery still paid only $7.2 million to scholarships — less than 18 cents out of every dollar the Arkansas Lottery made.
All told, the Lottery is budgeting about 15.6% of its revenue for college scholarships this fiscal year.
However, the Arkansas Lottery continues to budget extraordinary amounts of money for prizes.
In February, the state lottery spent nearly 71% of its revenue on prizes.
For perspective, the typical state lottery spends about 30% of its revenue on education and only about 55% – 65% on prizes.
To put it simply: The Arkansas Lottery spends too much money on prizes and too little on scholarships.
Below is a breakdown of lottery revenue, scholarship budgeting, and prize spending so far this fiscal year.
|Month||Gross Lottery Revenue||Paid to Scholarships||% Gross Revenue|
|Month||Gross Lottery Revenue||Total Prizes||% Going to Prizes|