N.M. Lottery generates nearly $44M for college scholarships
Fri, 02 Aug 2013 14:27:25 GMT —
ALBUQUERQUE, N.M. (AP) - The New Mexico Lottery generated more money for college scholarships in the latest fiscal year as revenues reversed a two-year slide.
The lottery said it produced a record-setting $43.7 million for the scholarship program in the 2013 budget year, up from about $41 million during each of the last two years.
Net ticket sales rose almost 6 percent to $141.8 million. Revenues have declined five out of the last eight years.
Lottery officials say revenues grew partly because of Powerball ticket sales. The multi-state lottery game had several large jackpots, including a record $590 million.
State law requires at least 30 percent of lottery revenues go to the scholarship program, which covers tuition for New Mexico college students. The program is projected to run short of money in 2014-2015.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)