For the first time since the Tennessee Education Lottery has been available, it has set a massive record for sales, thanks to residents who purchase tickets at retail locations as well as online. The lottery had over $2 billion for the fiscal year and there were still a few weeks left in the fiscal year after this was announced! While this is a milestone record, it is not the only one that has been broken. A weekly record for the games of Instant games was hit in April, with more than $47 million in sales for a single week! These impressive sales records have added thousands to the Education Account.
The lottery started back in 2004 and since that time, has managed to raise over $6 billion for various educational programs in the state. Of that amount, over $1.5 million has been awarded in scholarships and grants to Tennessee students. While the lottery provides entertainment and is a great way to win to Tennessee residents, it is beneficial in other ways.
Students and families in the state take advantage of the benefits of the lottery every year. More than 125,000 students who are attending a higher-education facility receive help through grants and scholarships from the lottery. This lottery does generate revenue for small businesses that sell tickets but the main goal is to fund educational programs to ensure that all residents in the state have an educational future.
For students to be eligible for grants or scholarships through the Lottery, they must partake in designated educational programs that are funded by the Tennessee Lottery. Each student will have to apply for a scholarship and grant and will be selected by the Tennessee Student Assistance Corporation. The available grants and scholarships include:
• Tennessee HOPE Scholarship for Home Scholl Students
• General assembly Merit Scholarship
• Aspire Award
• Tennessee HOPE Access Grant
• Wilder-Naifeh Technical Skills Grant
• Tennessee HOPE Scholarship – Nontraditional
• Dual Enrollment Grant
• Middle College Scholarship
• Helping Heroes Grant
• Tennessee Math and Science Teacher Loan Forgiveness Program
This year has been a very successful one for the Tennessee Lottery and billions have been earned that will help fund some of the best educational programs for the younger generation in the state. Aside from exceeding $2 billion in sales for the first time since the lottery was established some other records have been set.
• 2021 Q1 was the best ever, with the lottery transferring over $114,000,000 to the Lottery for Education Account
• Q2 Revenues for instant win games were $399 million, the highest of any Q2 since the lottery’s inception
• The Cash 3 and Cash 4 draw games have sales that are up 17% and 20%
• Q3 saw the lottery raising $140,300,000 for the Lottery for Education Account
• On April 6, 2021, Instant Game sales were the highest for any single day since the first day of operation
Even with these impressive records, the lottery is pushing for even more revenue to be generated. Through this program, Tennessee students are able to attend high education programs and receive financial assistance. The Education Lottery operates 100% from revenue generated from the sale of lottery products in the state. Since 2004, it has raised over $6 billion that has been used to fund scholarships, grants, as well as after-school programs for younger students.
It is not just the students in the state that benefit from the lottery. Since it started operating, residents have won over $16 billion in cash prizes and lottery retailers across the state have enjoyed over $1.5 billion in commission.