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WyoLotto pays off loan, will start contributing to the State's revenue

With its final payment of $25,000 on January 30, the Wyoming Lottery Corporation has paid off its $2.6 million startup loan and announced that its first revenue transfer to the state coffers will be $1 million in April. “Our $2.6 million loan allowed the lottery to start up the corporation. With ticket sales through Wyoming’s own game and other draw games, we were able to start developing a new state revenue stream for cities, towns, counties, and education as soon as that loan was paid off,” Wyoming Lottery Corporation CEO Jon Clontz said. “Doing this all without state funding in less than a year and half of ticket sales is quite an accomplishment, especially taking into account the state’s small population and that we were only authorized to sell draw games.” The loan repayment happened quicker than had originally been expected, primarily due to sales from the recent record $1.6 billion Powerball jackpot. The lottery will turn over its first revenue transfer of at least $1 million to the Wyoming Treasurer’s Office, which will be distributed to the 99 cities and towns and 23 counties, according to the formula in the state statute. Additional payments will then follow once every quarter, up to a maximum of $6 million per year. Any revenues exceeding that will then go to the Wyoming Permanent Land Fund’s Common School Account. The top five selling counties were Uinta County at $8.2 million in ticket sales, Natrona County at $5.2 million, Laramie County at $5.1 million, Sweetwater County at $3.7 million, and Campbell County at $3.1 million. See the chart below for a breakdown of ticket sales by county. [image: Screen Shot 2016-01-31 at 9.08.53 AM.png] #buckrail #county10 #reboot #springcity #oilcity #dally #county17 #shortgo #news