Here’s a little insider information: lottery sales are a big revenue generator for c-stores and gas stations alike. Shocking, right? For most stores, lottery sales represent between 10%-15% of their total sales. That’s a pretty big number, considering the average commission on winning tickets is around 6%.
For some stores, that percentage of sales is even higher. Which is why there’s good news on the horizon for lottery retailers, especially in the Big Apple.
New York, New York
Currently, a bill has been introduced in the New York State legislature which would increase commission from 6% to 8%. This raise may seem small, however the adjustment would be the first, and largest hike in over 50 years.
Citing increased operating costs, the bill would help boost revenue for the states 17,700 licensed retailers. The bill is currently in committee, but enjoys bipartisan support and is expected to pass later this year or in early 2018.
Changes On the Horizon
If you’re one of those 17,700 New York State lottery retailers, there’s reason to rejoice. In any case, a big move by a state like New York might help nudge other states in the same direction. In addition, new “play at the pump” style games are popping up around the country, and the lottery industry is poised for some tremendous growth.
Which is why it’s now more important than ever to make sure your lottery software is up to par. If you’re still using outdated methods, consider upgrading your system soon. CstorePro’s lottery management system offers an advanced, easy-to-use cloud-based system that can be accessed from anywhere, including tablet and mobile devices.
Just some of the great features include:
- Complete pack or book tracking: From delivery to activation to settlement, easy tracking makes your life easier.
- Faster scratch-off day readings: With a barcode scanner, or CStorePro’s own mobile app you can take daily scratch-off readings quickly and efficiently.
- Automatic Reconciliation: Easily match your weekly settlement reports against pack settlements, sales, and payouts.
- Detailed Reporting: Get accurate sales reports by day, game, or ticket value. Manage and track current inventory as well as compare against historic settlements and balances.
- Full Vending Support: No matter if you sell your tickets through a machine or at the counter, integration helps keep accurate sales counts and inventory.
- Easy Importation: Adding a new game is a snap with easy and automatic importation.
You’ll gather actionable insight into your lottery sales, while at the same time saving time on inventory reconciliation and sales reporting. This isn’t a gamble, it’s a win-win.
Gamble on the Future
Whether you rely heavily on lottery sales or not, selling tickets and scratch-offs is a win-win situation. They’re an easy sell, and with hundreds of games to choose from including big winner items such as Powerball and Megamillions; there’s never been a better time to amp up your lottery software. Who knows? At 8%, the next big winner could be you!
For more information, Schedule a Free Demo today.