RICHMOND, Va. (AP) — The Virginia Lottery had the third most profitable year in its history, boosted by a final quarter in which coronavirus quarantines and restrictions on other gaming opportunities limited competition for the state-run enterprise.
The Richmond Times-Dispatch reports that the lottery generated $595 million in profit for K-12 education during the fiscal year that ended June 30. It also recorded its second-highest year for sales, with $2.15 billion in gross revenue. Sales dropped sharply in March and April during the early days of the pandemic but rebounded strongly in May and June.
“The final quarter of the fiscal year, the lottery was quite literally the only game in town,” said Kevin Hall, the lottery’s executive director, after announcing the results on Thursday.
Lottery sales and profits were down from the previous year, which was the highest on record in part because of a $1.5 billion Mega Millions jackpot in October 2018.
Compared with 2019, sales were down by $145 million in fiscal 2020 and profits were $54 million below the previous year.
After a fierce lobbying battle that included aspiring casino operators and slot machine manufacturers, the General Assembly banned skill games from stores, restaurants and truck stops in Virginia.
The coronavirus pandemic changed that.
Northam proposed allowing the machines to operate until July 1, 2021, subject to a monthly tax of $1,200 per machine. This is expected to generate more than $120 million a year for a new COVID-19 relief fund. The General Assembly approved the governor’s proposal in April.