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Thu March 24, 2011
NM Lottery Prizes Account For 55% Of Revenues
KRWG News – ALBUQUERQUE, N.M. (krwg) Nearly 55 percent of the New Mexico lottery's revenues went to pay prizes for players last year.
The lottery's annual report shows that nearly $79 million in prizes were paid out in the 2010 fiscal year. That's nearly the same as the previous year.
State law requires at least half of lottery revenues go to prizes.
Lottery sales generated $143.6 million last year, an increase of less than 1 percent.
Other lottery expenses included $9 million in commissions to retailers, $7 million for lottery products and $5 million in administrative costs.
After paying all expenses, the lottery had 30 percent of its revenues more than $43 million left for a college tuition scholarship program. A 2007 law earmarks at least 30 percent of lottery money for scholarships.
Copyright 2011 The Associated Press. krwg