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Iowa Lottery Well Over Projected Income

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Iowa Lottery Well Over Projected Income

With the numbers complete for May, the Iowa Lottery is already well over its projection for income in this fiscal year that ends June 30th. Lottery C-E-O, Terry Rich, says their budget projected a profit of 62-million dollars.

The alignment of the stars Rich talks about came in the form of some big Powerball jackpots that drove sales.

The Powerball format was changed to increase the cost of a ticket from one to two dollars with the idea of creating bigger jackpots.

The instant scratch tickets are still the top selling product of the Iowa Lottery. Their sales appear to be getting some boost from the sales surge created by the huge Powerball jackpots.

The sales of scratch tickets are up around 12-million dollars at the end of May compared to the same time last year. Rich says the lottery business can by cyclical, but he thinks sales will remain strong through the rest of this fiscal year and into the next one.

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