The Florida Lottery experienced a decrease in sales during the 2023-2024 fiscal year, with economists attributing the decline to increased costs for essential goods and services.
Ticket sales totaled $9.417 billion, marking a drop from the previous year’s $9.8 billion and falling short of projections by $132.5 million.
Scratch-off ticket sales were particularly impacted, experiencing a 6 percent decline. Saba Igbal, a senior economist in Governor Ron DeSantis’ office, noted that the trend in scratch-off sales mirrors the economic fluctuations related to the COVID-19 pandemic and subsequent inflation, according to the News Service of Florida.
Read: Winter Park Man Wins $1 Million From Florida Lottery Scratch-Off From Walmart
While the lottery saw four consecutive years of sales exceeding $9 billion, driven by large jackpots in multi-state games like Mega Millions and Powerball, economists project a decline below this threshold for the current and next two fiscal years.
Despite the decrease in sales, the lottery will contribute $28.2 million more than anticipated to the state Educational Enhancement Trust Fund due to investment earnings and unclaimed prizes. However, the overall contribution is projected to decline in the coming years.
Read: St. Petersburg Man Wins $1 Million From Florida Lottery Scratch-Off
The long-term financial outlook, to be presented to the Joint Legislative Budget Commission, highlights the impact of economic factors on lottery sales and the subsequent implications for education funding in Florida.
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