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Virginia Lottery reports profitable year, despite COVID-19

RICHMOND, Va. — The Virginia Lottery had the third most profitable year in its history, boosted by a final quarter in which coronavirus quarantines and restrictions on other gaming opportunities limited competition for the state-run enterprise.

The Richmond Times-Dispatch reports that the lottery generated $595 million in profit for K-12 education during the fiscal year that ended June 30.

It also recorded its second-highest year for sales, with $2.15 billion in gross revenue.

Sales dropped sharply in March and April during the early days of the pandemic but rebounded strongly in May and June.

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Filling out the Free Application for Federal Student Aid, or FAFSA, which opens by Dec. 31, is one of the most important steps students and their families can take to pay for college. Some states now make completing the FAFSA a high school graduation requirement. The U.S. Department of Education awarded about $111.6 billion in federal grants, loans and work-study funds in fiscal year 2022, according to the most recent Federal Student Aid annual report. Those federal funds will assist roughly 9.8 million students in completing their education.
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