The Tennessee Education Lottery Corporation (TEL) saw revenue for its 2020 fiscal year grow to $1.84bn, the highest total since the lottery’s launch in January 2004.
The sum generated over the 12 months to 30 June represented a marginal increase on FY2019, when revenue came in at $1.81bn.
While TEL did not provide figures for each vertical, it said revenue for draw-based games – Cash 3, Cash 4, Tennessee Cash and Keno To Go – was up 8.2% year-on-year, with instant win games’ contribution up 7.4%.
This was aided by the strongest quarter in lottery history, the fourth quarter of FY2020 from 1 April to 30 June. For that three-month period alone, revenue was $527.3m, with $118.3m in funding generated for education.
This allowed TEL to exceed projections for the funding raised for the state’s Lottery for Education Account. It had been expected to provide between $410m to $418m for the year, but $420.6m was ultimately transferred to the fund.
In total, the lottery generated $438.2m for education in Tennessee, including $17.6m for after school programs.
“We find ourselves in unique times, but our mission remains the same: to serve Tennessee by generating proceeds for education,” TEL president and chief executive Rebecca Paul Hargrove said.
“Throughout this spring and summer, we stayed focused on our mission. I am incredibly grateful for our committed retailers, passionate players, board of directors and the dedicated team at the TEL who made this possible for Tennessee students.”
The results come as the launch of legal sports betting in Tennessee moves nearer. TEL, which will oversee the market, finalized regulations in April, then began accepting license applications the week after.