OKLAHOMA CITY (May 11, 2016) - $67 MILLION
That’s a conservative estimate of school funding left on the table. The Oklahoma Lottery exists to provide additional funding for Oklahoma education. More funding can be provided if one overly-restrictive law is modified, as it has been in most other lottery jurisdictions. All profit from the Lottery goes to the State. However, our law mandates a minimum 35% profit. This mandate restricts funds for prize payouts. Lower payouts = lower sales and lower profits for education.
If you are a lottery player – this should be important to you. If you sell lottery products in your retail location – you should be supportive. Most importantly, if you support more funding for education, facing budget reductions due to the State’s budget crisis, then you, too, should be supportive.
Removing the restriction or appropriately reducing it will provide an additional $5 million for FY’17. The profits grow after that, totaling $67 million or more over the next five years. A small amount that first year, but wouldn’t we rather keep 60-80 teachers employed and teaching our children next year? We can address all questions about this issue - ask. If you support this proposal, our lawmakers need to hear from the voting public.
Net proceeds of all Lottery games are used to support improvements and enhancements for Oklahoma education. Millions have been contributed to education since November 2005 with funds appropriated by the State Legislature to pay debt service on a higher education capital bond issue; to pay support salaries for public schools and for equipment, scholarships and other purposes at our career and technology education institutions.