The New Mexico Lottery has once again set a remarkable benchmark, announcing a record-breaking $51.084 million raised for the New Mexico Lottery Legislative Scholarship Fund during Fiscal Year (FY) 2024. This impressive figure not only eclipses previous totals but also marks the second consecutive record-setting year for scholarship funds raised through lottery sales. The scholarship fund has grown steadily, with significant contributions coming from ticket sales, which continue to rise year after year.
Lottery Sales Surge in FY 2024
In FY 2024, the New Mexico Lottery reported total sales of $170.2 million, representing a 1% increase compared to the previous fiscal year. This continued upward trajectory in sales reflects a consistent demand for lottery games in the state. Sales of Scratchers, a popular instant-win ticket game, alone accounted for $89.5 million, demonstrating a 2% growth from the previous fiscal year.
Meanwhile, Powerball, one of the most well-known multi-state lottery games, achieved impressive sales of $38.4 million, a substantial 14% year-over-year increase. The robust sales across these categories have played a key role in the Lottery’s ability to break records and continue contributing significant sums to educational scholarships.
A History of Commitment to Education
The New Mexico Lottery has long been committed to supporting higher education in the state. Since its inception in 1996, the Lottery has raised more than $1.05 billion for scholarship recipients in New Mexico. The funds generated have provided much-needed financial support for nearly 150,000 students and their families. This initiative has significantly contributed to reducing the financial burden of higher education for many New Mexico residents, helping to create more accessible pathways to post-secondary education.
Fiscal Year 2024’s achievement of raising $51.084 million is an increase over the previous record of $50.5 million set in FY 2023. The fact that the Lottery continues to break its own records reflects not only the growing popularity of its games but also its sustained commitment to maximizing revenues for scholarships.
Record Prizes and Retailer Benefits
In addition to supporting scholarships, New Mexico Lottery players claimed more than $93.5 million in total prizes during FY 2024. This total represents a significant portion of lottery sales being returned to players, boosting the appeal of the games and driving participation.
Local businesses have also benefited from the lottery’s growth. More than 1,000 New Mexico retailers were paid $10.9 million in commissions for selling lottery tickets during FY 2024. These commissions provide an important revenue stream for small and medium-sized businesses across the state, further enhancing the positive economic impact of the Lottery.
Leadership’s Commitment to Growth and Integrity
The Lottery’s success is driven by a commitment to maximizing revenue for scholarships, and this achievement is not lost on its leadership. Reta Jones, Chair of the New Mexico Lottery Board of Directors, expressed pride in the continued growth of the Lottery’s sales and its contribution to the Legislative Lottery Scholarship Fund.
“We are incredibly proud to continue to maximize sales revenues to the Legislative Lottery Scholarship Fund. Even though every year cannot be a record-breaking year like 2024, the Lottery’s goal is to maximize revenues for scholarship funding,” Jones said. “I appreciate the Lottery team’s commitment to generating revenue with integrity in such a responsible manner.”
This statement highlights the Lottery’s focus on responsible gaming practices and ethical business operations, ensuring that revenue is generated in a way that benefits both players and the greater community.
David Barden, CEO of the New Mexico Lottery and a past president of the Multi-State Lottery Association, also extended his gratitude to the players and retailers who have made this record-breaking year possible. He acknowledged their essential role in supporting New Mexico students through their continued participation in Lottery games. “Thank you to all our players and New Mexico Lottery retailers for helping to raise the most funds ever in one fiscal year for New Mexico students,” Barden said.
Sustained Growth Amidst Economic Challenges
The Lottery’s ability to achieve record-breaking growth in FY 2024 is especially noteworthy given the broader economic challenges faced by the state and the nation. Despite inflationary pressures and uncertainties in consumer spending, the Lottery has managed to maintain strong sales across its various products.
Part of this success can be attributed to the Lottery’s continued innovation in its game offerings and marketing strategies. The 2% growth in Scratchers sales and the 14% spike in Powerball sales suggest that the Lottery is adapting to consumer preferences, offering a variety of games that appeal to a broad audience. The Lottery’s ability to attract and retain a loyal player base is a key factor in its sustained growth.
Economic Impact Beyond Education
The New Mexico Lottery’s impact extends beyond just education. By offering significant prizes and paying out substantial retailer commissions, the Lottery helps stimulate local economies. The more than $93.5 million in prizes claimed by players in FY 2024 serves as an infusion of cash that can positively affect consumer spending and contribute to economic vitality in the state. Retailers, many of whom are small businesses, benefit from the additional foot traffic and revenue generated through Lottery sales.
The $10.9 million paid to over 1,000 retailers in commission fees further underscores the Lottery’s role as an economic engine for businesses in New Mexico. These commissions not only reward retailers for their participation but also encourage ongoing engagement and promotion of Lottery products.
Looking Ahead: Sustainability and Future Opportunities
As the New Mexico Lottery continues to grow, it faces the challenge of sustaining its record-breaking momentum. While FY 2024 set a high bar with over $51 million raised for scholarships, both Jones and Barden are realistic about the future. They acknowledge that not every year will be a record-setting one, but the Lottery remains focused on maximizing revenues for scholarships while maintaining responsible gaming practices.
Moving forward, the Lottery will likely continue exploring ways to innovate its offerings. This could include introducing new games, expanding digital platforms, or enhancing customer experiences to drive sales. The Lottery may also focus on building stronger relationships with retailers to ensure they remain key partners in generating revenue.
The New Mexico Lottery’s success in FY 2024 is a testament to its sustained commitment to supporting education and benefiting the local economy. With over $1.05 billion raised for scholarships since 1996, the Lottery has become a critical source of funding for students in New Mexico. As the Lottery continues to break records and evolve, its role in supporting higher education will remain a cornerstone of its mission.
Thanks to the combined efforts of players, retailers, and the Lottery team, nearly 150,000 students have benefited from scholarship funding, allowing them to pursue higher education opportunities. The legacy of the New Mexico Lottery is not only measured in dollars raised but also in the lives transformed by these scholarships. With a continued focus on integrity and responsibility, the New Mexico Lottery is well-positioned to build on this legacy for years to come.