For the first time in its 15-year history, the Tennessee Education Lottery (TEL) has generated more than $2 billion in total revenue within a single fiscal year.
Ticket sales zoomed past the $2 billion threshold on June 15 – a whole two weeks before the end of the fiscal year on June 30.
This news came as the cherry on top of after a record-setting year for the corporation.
Tennessee Lottery shatters records
The TEL launched into the fiscal year in Q1 with its most impressive quarter to date. The TEL deposited a substantial $114 million into its Lottery for Education account. Then in Q2, instant game sales hit a new quarter record, generating almost $400 million in sales.
Sales for two drawing-style games, Cash 3 and Cash 4 have also been on the rise, increasing over 17% in the past year. On April 6, the Lottery hit a single-day sales record of $10.1 million for instant games, contributing to a new weekly record of over $47 million.
In Q3, the Lottery broke its own record by contributing an astonishing $140 million to the Lottery for Education account. In total, the TEL has raised $6 billion for education initiatives statewide since 2004.
Not only do students benefit from lottery sales, but ticket purchasers do also. Lottery players claim roughly $3 million in winnings every day.
Tennessee Lottery players have purchased almost $24 billion in tickets since 2004, and sales have consistently increased by an average of 5.5% per year.
During FY 2021, 24 players claimed winning tickets of $1 million or more. That number is expected to increase this year as sales continue to mount. In total, 315 players have claimed prizes of $1 million or more from Tennessee Lottery games, amounting to over $15.2 billion in total winnings in the state.
Exploring new initiatives for expansion
Not only has the TEL excelled with lottery expansion this year, but it has also spent time investigating new avenues for growth.
The TEL has served as Tennessee sports wagering’s governing body since launch back in November 2020. The committee will spend the rest of the year, however, transferring regulatory duties over to the Sports Wagering Advisory Council. The SWAC will officially assume those responsibilities on January 1, 2022.
Since beginning this transfer of power, the TEL has set its sights on enhancing player engagement. To keep things fresh, the TEL offers a constantly rotating list of instant win games. Most recent lineup additions include Diamond White 8’s, Double Play and Royal Cash. And beginning August 23, a third Powerball drawing will be added to the weekly schedule.
The TEL has also been involving itself in community gatherings and sporting events. On June 19, it hosted the Tennessee Lottery 250 at the Nashville Superspeedway, where TEL CEO Rebecca Hargrove served as the race’s grand marshal.
As FY 2021 winds down and FY 2022 begins, the future looks to hold another record-setting year for the Lottery.