The Virginia Lottery has completed its most successful fiscal year in its history, posting record results that highlight the growing popularity of both online and retail gambling. These successes have resulted in significant revenue increases for the state, playing a key role in funding education programs and setting an example for other regions.
Retail and Online Segments Coexist in Harmony
2024 marked the first year that more tickets were sold online than in stores. This breakthrough helped push total lottery ticket sales to $5.52 billion, up 20% from the previous fiscal year’s $4.61 billion. Of the total revenue, an unprecedented $3.07 billion came from online gaming, outpacing the $2.45 billion generated by retail sales.
Despite the significant growth in online sales, the retail segment also continued to grow, demonstrating how both can coexist and be mutually beneficial. Virginia Lottery spokesman John Hagerty told Lottery Post that the growth of the online segment has steadily contributed to the growth of retail sales.
“We began selling online on July 1, 2020, and it immediately resonated with players. Since then, retail sales have only increased,” John Hagerty said.
This trend is indicative of significant changes in the lottery industry and could encourage other states to implement online functionality while maintaining strong retail operations. Retailers across the state have also benefited from the lottery’s success, earning $141.5 million in compensation in 2024, up from $137.3 million the previous year.
Lottery Revenue Supports Education in Virginia
All Virginia Lottery profits support primary and secondary education in the state. The lottery’s contribution of more than $934 million last year equates to more than $2.5 million in funding for Virginia public schools each day. These results provide additional support for other states to adopt the online lottery as a source of valuable revenue for their local budgets.
Governor Glenn Youngkin expressed his delight at the lottery’s record-breaking results, highlighting its impact on education. He noted that the increased funding will lead to better support and resources for public schools across the state, and expressed confidence that these successes will positively impact the future of Virginia students. Virginia Lottery revenues account for 10% of the state’s education budget, Youngkin said.
“I’m thrilled that these record revenues will help provide needed support and resources for Virginia students,” said Governor Glenn Youngkin.
Virginia Lottery winnings also trended positively, reaching $4.25 billion, nearly a billion dollars more than the 2023 total. The state’s high jackpots have demonstrated how lotteries can change lives, but the real benefit is in the continued financial support for education programs. The 2024 results have validated the business model, and market participants expect this positive trend to continue.