Arkansas lottery revenues climb to $49M in October as Powerball jackpot rise
Arkansas Scholarship Lottery's October revenue hit $49 million, up $2.8 million from the same month a year ago. The amount raised for college scholarships jumped by $ 2.1 million to $9.9 million. Powerball's revenue totaled $5.7 million in October, which is up from $3.3 million a month ago, when the jackpot was $1 billion. The lottery has been selling tickets since Sept. 28, 2009. It helped finance Arkansas Academic Challenge Scholarships for more than 30,000 students for each of 11 consecutive fiscal years until fiscal 2022.
Arkansas Academic Challenge Scholarships are financed with lottery proceeds, plus $20 million a year in state general revenue. In fiscal 2023, the Division of Higher Education has handed out $24.2 million in scholarships to 27,659 students. The division had forecast that it would hand out more than $90 million to 31,200 students in fiscal 2022. For fiscal 2020, it projects awarding $78 million. Workforce Challenge Scholarship is funded by the 2017 Legislature. It provides up to $800 per year for students enrolled in programs that lead to qualifications in high-demand occupations.