Lottery raises $350 million over 17 months for schools

Tuesday, July 19, 2005 | 9:46 a.m.

NASHVILLE, Tenn. -- The Tennessee Lottery announced Monday it has raised more than $350 million for education since it began selling tickets just over 17 months ago.

The lottery officially closed its books for its first full fiscal year, which ended June 30.

The latest quarterly transfer of $59 million to the Lottery for Education Account brings the total transferred to that account from Jan. 20, 2004, to June 30, 2005, to $350.6 million.

"This has been a winning year for Tennesseans, but especially for families and students," said Rebecca Paul, CEO of the Tennessee Lottery.

A 2002 constitutional amendment authorized the lottery. During a spirited referendum, critics predicted the lottery would result in increased bankruptcies and a higher divorce rate, among other social and financial ills. Supporters countered that surrounding states already had lotteries and Tennessee was losing potential revenue to them.

More than 36,000 Tennessee freshmen attending 85 public and private colleges in the state were awarded lottery scholarships this past year worth $3,000 and $4,000.