Those $2 lottery tickets have life-changing potential for people just like you and me. However, they hold an equally profound impact on students.
Approximately 99% of Florida Lottery revenue is reinvested back into Florida’s economy through prize payouts, commissions to more than 13,500 Florida retailers, and transfers to education. In fact, approximately $0.26 of every $1.00 spent on lottery purchases goes toward funding education in Florida.
In the fiscal year 2021–2022, the Florida lottery announced that it transferred $2.3 billion to the Educational Enhancement Trust Fund, which reaches thousands of schools and colleges across the Sunshine State.
For example, Lee County received more than $21 million in 2021 from lottery subsidies. Collier County received just over $4 million. Money also goes to the Bright Futures Scholarship Program, which helps students across Florida go to college.
When the Powerball or Mega Millions rolls over, which is happening drawing after drawing these days, that means a lot more money for schools in the Sunshine State.
A Florida Lottery representative told WINK News this latest series of Mega Millions jackpot rollovers has generated more than $27.6 million for education. This series of Powerball jackpot rollovers has generated more than $57.1 million for education. A “series” refers to a sequence of consecutive drawings where the jackpot prize is not won. In this case, the Mega Millions jackpot has rolled over 25 times since April, and the Powerball jackpot has rolled over 37 times since April.
In Florida, when lottery prizes go unclaimed, 80 percent of that money goes to the educational enhancement trust fund. The remaining 20 percent is added to the prize pool for future awards or special promotions.
The Florida Lottery posted on twitter July 19, stating that more than $44 billion has been contributed to the Educational Enhancement Trust Fund, and that’s in the lottery’s 34-plus years of operation in Florida.