Mon October 1, 2012
Lotto Ticket Aiding Vets Pulls in Pennies on the Dollar
Veterans Cash is a $2 scratch-off Texas Lottery ticket that adds revenue to the Fund for Veterans' Assistance. But sales of the ticket, which made $8.1 million in 2011, have plummeted by 42 percent this year, to $4.7 million.
According to the San Antonio Express-News, since Veterans' Cash was launched in 2009, it has raised $20.8 million for the fund. The state's Fund for Veterans' Assistance awards funds through general assistance grants and the Housing4TexasHeroes program. Those programs provide veterans with services including financial assistance, transportation, counseling, housing assistance, and family services.
The Express-News writes declining lotto sales "means the Texas Veterans Commission is likely to turn down a bigger percentage of applications than it already does. The commission in 2011 had 190 applications and funded 37."
The Fund for Veterans' Assistance receives funding from donations, but according to the Express-News, Veterans Cash made up 91% of the fund in 2012. But conversely, while Veterans Cash sales are dropping, the Texas Lottery Commission is reporting a record sales year.
AM Update 7/16/12