Even though 2020 has decimated a large part of the US gambling market, Tennessee Education Lottery (TEL) cannot be too disappointed with its results. The organization that oversees lotteries, sports gambling and more has just released its financial report for the last fiscal year and has hit a new milestone. It recorded revenues of over $ 2 billion for the first time, much of which can be attributed to the success of the Tennessee sports gambling market.
Tennessee Gambling on the Rise
Tennessee is one of the first states to introduce an exclusively online gambling market and has proven to be a winning model. Mobile sports betting first launched last November and has continued to exceed expectations since then. As TEL ends its fiscal year on June 15, it can definitely thank bookmakers and sports players for its new success, but doesn't have to give them all the credit. The sports gambling market surpassed $ 1 billion in revenue last April; however, the lottery is also gaining ground with some other options.
The lottery started to improve last year, with the period July 1 to September 30 giving him $399.2 million. It was a year-on-year increase of 15.8% and at that time the best quarter ever. Since then, TEL has been steadily increasing its margins. Sales of instant games in the second quarter increased by more than 17% to $399.5 million, and in April last year it recorded 47.1 million instant games sales in the first week.
The results prompted TEL President and CEO Rebecca Paul Hargrove to say, “In many ways it has been a pretty good year, but our mission remains the same: to raise funds for designated fund educational programs. It's a great day for students across Tennessee and we look forward to announcing the fiscal year results in mid-July. "
Education is a great winner
Improving productivity means more money for educational programs in Tennessee. First fiscal quarter results allowed TEL to donate $ 114 million to the state's Lottery for Education account, and another $ 140.3 million in the third quarter. After the final results for the financial year have been presented, the total amount contributed will be disclosed, but of course it will be much more than in previous years. In fiscal 2020, the Lottery posted revenue of $ 1.47 billion, and now has approximately another $ 140 million to spend.
The increase observed in the last fiscal year is in line with the trend over the last few years. In fiscal 2019, the Lottery posted revenue of $ 1.812 billion, up around $ 47 million last year. The 2019 results were 4.4% higher than the 812 and the 2019 results, partially hampered by COVID-15, only increased by 1.5% over the previous year. However, TEL was able to continue to move forward and donate more money to scholarships and grants to help the country grow.