Va. Lottery reports record $4.6B in FY23 revenue

Virginia Lottery reported $4.6 billion in sales for fiscal 2023, the first time its sales have broken $4 billion, and record profits of $867 million.

Profits increased almost 10% from the last fiscal year, when the lottery reported $779.6 million. The lottery’s fiscal year ends on June 30, and the lottery board announced the results Aug. 16.

The lottery credited several factors for the record totals. The popularity of instant-win online game sales led to $2 billion in sales. Also, three multistate Mega Millions and Powerball jackpot runs topped $1 billion, and the lottery introduced mobile ticket cashing, allowing players to scan and redeem winning tickets worth up to $5,000 on their mobile devices.

Nearly 5,300 brick-and-mortar retailers earned more than $137 million in commissions and bonuses.

Lottery players won a record $3.4 billion. The largest prize won during the year was a $156.7 million Powerball jackpot.

The Virginia Lottery‘s profits support Virginia’s K-12 public schools.

The Virginia Lottery also oversees the licensing and regulation of mobile sports betting and casino gaming. By June 30, Virginia had 16 licensed active sports betting permit holders, and Virginians wagered $325 million on sports betting in June.

Gaming revenues from Virginia’s three current casinos — the temporary Hard Rock Bristol, Rivers Casino Portsmouth and the temporary Caesars Virginia in Danville — totaled $52.2 million in June. In July, the start of the next fiscal year, that number rose to $57.3 million.

At least one more casino is on the horizon. In June, the developers of the $500 million HeadWaters Resort & Casino in Norfolk scrapped plans to open a temporary casino, instead focusing on building the permanent casino.

Richmond might also be home to a casino. In July, the Virginia Lottery and the Richmond Circuit Court approved a do-over of the city’s casino referendum, which will appear on ballots this fall.