Columbia, SC (July 1, 2008) – Fiscal year 2007-08 was another successful year for the South Carolina Education Lottery (SCEL), as both total lottery sales and net profits exceeded original estimates. When SCEL closes its books for FY ’08, we anticipate over $266 million will be transferred to the Education Lottery Account (ELA) surpassing the revenue goal set by the Board of Economic Advisors by over $13 million.
This last fiscal year highlights the Lottery’s relevance to the State of South Carolina. In a time when South Carolinians are struggling with increasing gas prices and a weak real estate market, the lottery revenue is recycled in the economy in a variety of ways. Since 2002, gross lottery sales have exceeded $6.1 billion, of which sixty percent has been paid to lottery winners in the form of prizes. Additionally, more than $39.3 million in state income taxes has been collected on total winnings. Lottery sales have also strengthened the state’s economy by providing the network of 3,600 licensed retailers with over $430 million in additional revenue through sales commissions.
“The South Carolina Education Lottery continues to excel, both in lottery sales and profits for educational enhancements for our citizens,” said Ernie Passailaigue, Executive Director. “I give full credit to our great staff, our Commission, our retail network and our vendors for our success story. But the bottom line for all of us is the education funding we provide to our stakeholders.” Passailaigue added.
About SCEL and Education Funding
Since January 7, 2002 through June 30, 2009, the General Assembly has appropriated over TWO BILLION DOLLARS from the ELA to supplement educational funding in South Carolina. Since 2002, SCEL’s net proceeds have provided over $1.1 billion in lottery-funded scholarships and grants to more than 580,000 students across the state. Proceeds have also supported the Centers of Economic Excellence Endowed Chairs Program, various K-5 education programs, Education Accountability Act programs to raise K-12 classroom standards, county libraries, and other community educational programs.
For More Information
Contact: Julie Huffman, SCEL Beneficiary Communications Coordinator
Office: (803) 737-2696 Cell: (803) 667-2848 Fax: (803) 737-2676
This last fiscal year highlights the Lottery’s relevance to the State of South Carolina. In a time when South Carolinians are struggling with increasing gas prices and a weak real estate market, the lottery revenue is recycled in the economy in a variety of ways. Since 2002, gross lottery sales have exceeded $6.1 billion, of which sixty percent has been paid to lottery winners in the form of prizes. Additionally, more than $39.3 million in state income taxes has been collected on total winnings. Lottery sales have also strengthened the state’s economy by providing the network of 3,600 licensed retailers with over $430 million in additional revenue through sales commissions.
“The South Carolina Education Lottery continues to excel, both in lottery sales and profits for educational enhancements for our citizens,” said Ernie Passailaigue, Executive Director. “I give full credit to our great staff, our Commission, our retail network and our vendors for our success story. But the bottom line for all of us is the education funding we provide to our stakeholders.” Passailaigue added.
About SCEL and Education Funding
Since January 7, 2002 through June 30, 2009, the General Assembly has appropriated over TWO BILLION DOLLARS from the ELA to supplement educational funding in South Carolina. Since 2002, SCEL’s net proceeds have provided over $1.1 billion in lottery-funded scholarships and grants to more than 580,000 students across the state. Proceeds have also supported the Centers of Economic Excellence Endowed Chairs Program, various K-5 education programs, Education Accountability Act programs to raise K-12 classroom standards, county libraries, and other community educational programs.
For More Information
Contact: Julie Huffman, SCEL Beneficiary Communications Coordinator
Office: (803) 737-2696 Cell: (803) 667-2848 Fax: (803) 737-2676
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