LOUISVILLE, Ky. (WDRB) — The Kentucky Lottery Corporation has turned over its 5-billionth-dollar to the Commonwealth.
The Kentucky Lottery started in 1989. Since then, money generated through the lottery has been given to the state.
The Kentucky General Assembly decides how the money is distributed. When the lottery started, the money was given to Vietnam veterans.
In 1992, legislators voted to give all the money to the state’s SEEK Program. That’s how funding is distributed to Kentucky’s public schools. Over a two year period, the Kentucky Lottery turned over $214 million.
Then the legislature decided to turn the lottery funds over into the General Fund. In 1999, the money started going to fund college scholarships and grants.
Between 1999 and 2017, more than 675,000 students received a lottery-funded scholarship or grant.
When the lottery began in 1989, it was projected to turn over $65 million annually. At that rate, it would have taken 76 years to reach the $5 billion mark. It took the Kentucky Lottery less than 30 years to reach $5 billion.
The lottery is also celebrating its newest game, released Monday, February 26. The $25 game is called Jumbo Bucks. Players can win up to $1,000,000.