The Arkansas Lottery Commission has approved a budget for fiscal 2011 that includes $478.5 million in ticket sales, which would provide $116.4 million for college scholarships.
Lottery sales, which began Oct. 28, have totaled $227.4 million through the end of February. The sales to date would provide $47.6 million to the scholarship fund for students attending four- and two-year schools in the state.
Lottery officials said they expect net proceeds to total $75 million in fiscal 2010 and $112 million in fiscal 2011, the first full fiscal year of lottery operations.
Net proceeds should grow by 2% to 2.5% a year, Lottery executive director Ernie Passailaigue told the commission.
In 2009, the General Assembly provided for lottery-financed scholarships beginning in fall 2010 of $5,000 per year for students at four-year schools and $2,500 per year for students attending two-year schools.
Applications to the University of Arkansas at Fayetteville are up 26% from 2009, school officials said, thanks in part to the availability of the lottery scholarships.
