With record sales this fiscal year, the Texas Lottery Commission was able to contribute over $2 billion to public education and in their new veterans' services fund.
According to the Texas Lottery Commission, the Texas Lottery achieved a record-breaking $8.73 billion in sales for fiscal year 2023. This success was driven by large jackpots and the continued popularity of innovative scratch ticket games. As a result, the commission was able to contribute a historic $2.162 billion to fund Texas public education and veterans' services.
The mission of the Texas Lottery Commission is to maintain safety in all their lottery games and encourage ethical behavior from employees and vendors. The commission also aims to keep participants entertained with new technology and ways to win. Additionally, they prioritize security to fulfill their monetary responsibilities that support the state.
Since 1992, a portion of the Texas Lottery profits has always gone towards funding various needs in the state. To date, the lottery has contributed over $37 billion. The majority of the profits, 67.5%, go towards paying prize winners. The second-largest portion, 23.8%, is allocated to the Foundation School Fund, which supports Texas schools. Other portions include 5.3% for retailer compensation, 3.1% for lottery administration, and 0.3% for the Texas Veterans Commission's Fund for Veteran's Assistance. This fund, established in 2009, has already accumulated over $221 million. The proceeds from three specific lottery tickets, "20X," "Break the Bank," and "10x the Money," contribute to this veterans' fund.
The Texas Veterans Commission's Fund for Veteran's Assistance allocates its proceeds to grants that support local government agencies and non-profit organizations working directly with veterans and their families. These grants address the needs of veterans and aim to provide assistance and healing.
With high sales this year, the Texas Lottery Commission's contribution of over $2 billion will have a significant impact on public education and veterans' services in Texas.
