The Arkansas Scholarship Lottery announced Monday (Oct. 31) that its sales would surpass $1 billion within the next 24 hours.
The lottery has been selling tickets two years and one month, since September 28, 2009.
Lottery Interim Director Julie Baldridge said that during the same time period, the Lottery had produced more than $200 million for the Education Trust Fund that finances the Arkansas Challenge Scholarships.
Also, she said, the Lottery has paid out more than $600 Million in prizes to players and commissions of more than $56 Million to the more than 1,850 lottery retailers in Arkansas.
“Two years ago tonight sales of Powerball tickets began, a product that has proved very profitable for Arkansas students,” Baldridge said in the statement released Monday. “Of course, we are now in the middle of an exciting Powerball ‘run,’ with the prize for Wednesday night’s draw estimated at $245 Million. That size jackpot produces excitement statewide and causes a spike in ticket sales. The more sales, the more scholarships.”
Continuing, Baldridge said: “Now, on this Powerball anniversary, I expect midnight will bring news that we have passed the $1 Billion point in overall sales during the life of the Lottery.”
All net proceeds of the Arkansas Lottery go to fund scholarships for Arkansas students at in-state two- or four-year institutions of higher learning.