Lottery revenue for scholarships drops to $41M

Created: 08/20/2014 8:10 AM
By: The Associated Press

ALBUQUERQUE (AP) - The New Mexico Lottery generated $40.9 million for college scholarships in the most recent fiscal year.

However, the lottery said that's down about 6 percent from a record-setting $43.7 million a year earlier.

Net lottery ticket sales were $136 million in the 2014 fiscal year ending June 30, compared with $141.8 million in 2013.

The lottery said sales exceeded the agency's budget projections by $4.6 million, despite being lower than the previous year.

Lottery officials attributed the revenue decline to smaller Powerball jackpots, which didn't drive ticket sales as high as a year earlier.

Lottery sales have declined seven out of the last 10 years.

State law requires at least 30 percent of lottery proceeds go to the scholarship program, which helps pay tuition for New Mexico college students.

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