Sept. 6, 2017 – The Wyoming Lottery Corporation (WyolottoTM) officials are proud to have recently celebrated its third birthday! On Aug. 24, 2017 the lottery turned three years old and is thankful for all of the players, retailers, and communities who have made it a big success.
“We are proud of how much we have accomplished in the last three years, and I am very pleased with our focus on being a maturing and sustainable company in Wyoming,” said Jon Clontz, WyoLotto CEO.
Since the establishment of WyoLotto in 2014, the corporation has kicked off with a private start up loan, launched sales of three national games, launched Wyoming’s own Cowboy DrawⓇ game, paid off the start up loan early, and began quarterly revenue transfers to the Cowboy State in 2016.
When WyoLotto took out the startup loan, the schedule was to pay it off in July 2016. However, because of an aggressive pay off strategy and an unpredicted PowerballⓇ jackpot run of $1.5 billion, the loan was paid off six months early (January 2016), and WyoLotto provided its first revenue transfer to the state in April 2016.
The early loan payoff, quarterly transfers to the state, and execution of a four-game portfolio were achieved by an eight person staff, all of whom fully execute the operations of the lottery and manage partnerships with vendors and retailers.
These accomplishments have led additional money to the state. To date, WyoLotto players have won more than $35.3 million. WyoLotto has also paid out a total of $5.08 million to retailers in commissions.
In addition to the prizes paid to winners and commissions paid to retailers, WyoLotto has transferred monies to the Wyoming State Treasurer every quarter, per statute, since April 2016. Those quarterly transfers included:
In a year and a half, WyoLotto has given back to Wyoming $4,675,074.58.
“We hope the revenue we are contributing to the state, both through our transfers and by keeping dollars in Wyoming that were previously going to other states, is making an impact,” Clontz said.
Given that sales rise and subside with jackpot fluctuations, transfer amounts have and will shift accordingly. Additionally, during economic downturns, sales experience lulls. To ensure an ongoing sustainable and balanced budget, WyoLotto must review the transfer amount based on those factors.
“It is tough to go from giving a million dollars one quarter, to $200,000 another quarter, but these draw games rise and subside in revenue with every big jackpot run nationwide,” said Robin Reining, WyoLotto COO. “We watch our budgets closely so we are always able to payout our winners and manage operating costs. We market the best we can, and are always hoping for the next big jackpot run!” Reining added.
Wyoming Statute Changes
Starting in July 2017, the Wyoming State Legislature updated the statute during its 2017 session to change how the state transfers WyoLotto funds across the state. The statute initially established that revenue transfers would go to Wyoming’s 99 cities, towns, and counties based on the sales tax formula. Now, those same 99 cities, towns, and counties will receive allocations based on lottery ticket sales for each municipality.
“Giving back to Wyoming is more than a requirement of a legislative statute. It’s a vital part of our corporation’s mission to build a better, more economically vibrant future for Wyoming. So we continue to support local events, sponsor organizations, and provide revenue to the state,” Clontz added.