Financial Highlights

SCEL recognizes that each lottery dollar transferred to the Education Lottery Account is critical to enhancing educational opportunities. Therefore, we act as fiduciaries in managing these funds. From startup through August 5, 2008, for every dollar that we gross, 62.3% is paid as prizes to winners. By statute, 7% is earned by the retailer as a commission. Of the total amount, 4.3% pays for a combination of administration costs, gaming contract costs, and to advertise and promote product sales. The residual portion, 26.4%, is transferred to the Education Lottery Account.

Additionally, SCEL’s administrative percentage, including a 7% mandated retailer commission, must not exceed 15% by statute. SCEL is currently operating at well below the mandated percentage.

Other financial data indirectly related to the Lottery

Indirect lottery financial data that has a bearing on state government include the following:

· More than $40.1 million withheld in S.C. Income Tax from lottery winnings*
· More than $528,835 collected in debt set-off*

* Dollar figures reflect the period of January 7, 2002 - August 5, 2008. These funds are transferred to the S.C. General Fund to be appropriated by the General Assembly.

It is our desire that South Carolinians view our agency as a resource for education and a fiscally conservative, socially conscious business enterprise.