Reports are coming in from around the country showing that lottery sales are slowing in many areas as folks tighten up their spending in today’s tumultuous economic times. Click here, here and here to read the latest about lottery sales in a few other states.
In Iowa, we’re seeing much of the same, but things here also continue to be impacted by the weather-related disasters that devastated much of the state earlier this year.
In the Iowa Lottery’s year-end report in July for fiscal year 2008, we noted that sales of lottery tickets had begun to be impacted by increasing fuel prices and weather-related disasters. Lottery sales in FY 2008 finished up overall, but that was because they had jumped out to a strong start early in the year. As the fiscal year continued, lottery sales had slackened.
That trend has continued into the current fiscal year. Our early figures show that Iowa Lottery sales in FY 2009 are down about 6 percent (about $4.2 million according to our raw sales figures through Oct. 18) compared to the same time period a year ago. We believe that’s perfectly understandable when you consider the impacts that many areas of the state continue to feel from this year’s storms and flooding.
Iowans, along with people around the world, also are undoubtedly concerned about economic issues. Consumers have cut back in their discretionary spending for everything from eating out to buying new cars to purchasing lottery tickets and other convenience items.
Now, a lot could change before the June 30th end of the current fiscal year. We’ll continue to do the creative things we’ve always done at the lottery, whether that be coming up with new game designs and ideas, offering new promotions or using creative advertising. But we also understand that Iowans are having to make some sensible decisions with their money during these times and we not only would expect that, we encourage it.
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