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Thursday, July 24, 2008
NM Lottery Says Profits Up in Year Ending in June
Associated Press
The New Mexico Lottery reports record profits of $40.8 million for the fiscal year that ended in June.
The profits — which help New Mexico students pay tuition — rose $5.98 million or more than 17 percent over the previous year's $34.8 million total.
Lottery ticket sales totaled $147.1 million in the most recent year, down 0.6 percent.
The lottery says it returned an average of 27.6 percent of gross revenue to state coffers, fulfilling a legislative requirement to earmark 27 percent of annual revenue for scholarships.
The lottery made $6.5 million in cuts to meet the mandate, reducing staff, eliminating sales incentives and cutting its advertising budget.
The lottery has raised $361.7 million for education since 1996.
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