From Kentucky Public Radio’s Tony McVeigh
The Kentucky Lottery is on track to return a greater share of its profits to state government.
In the late 1980’s, when Kentucky’s lottery bill was drafted, lawmakers wanted the lottery to return 35-percent of its profits to the state. That goal has never been met, but the current budget bill requires a 28-percent return, and Lottery President Arch Gleason says the lottery is on track to meet the mandate.
“For the quarter that ended September 30, our net profits were 28-point-three percent. So, we’ve reached the 28-percent threshold,” Gleason said.
But he points out there are still three more quarters to go in the current fiscal year.
“Can’t declare victory, because the product mix was very favorable,”
By that he means on-line sales are up and total operating expenses are down. To reduce operating expenses in the last year, the lottery has reduced salaries, laid off 25 employees and cut spending on advertising.