Lottery winners aren't the only ones who cash in
When a lucky person holds a winning lottery ticket for a record-breaking jackpot, they're not the only ones who rake in the cash.
While up to 60% of jackpots in the Powerball and Mega Millions games go directly to the winners, retailers get bonuses too.
Stores that sell winning tickets take in about 5% of a jackpot, while 10% usually goes to administrative costs like staff salaries, advertising and ticket printing, according to Sandra Grauschopf, a sweepstakes and contest expert for personal finance website The Balance Everyday.
In Texas, the lottery commission has a breakdown of the percentages of how funds are allotted.
- 65% - Jackpots
- 25% - Education
- 5% - Retailer bonuses
- 3 % - Administrative
- 2% - State programs and veterans assistance
The Texas Lottery Commission sent more than $1.6 billion in 2020 to the Foundation School Fund, according to a statement on its website. The fund is the primary source of state funds for Texas school districts. You can see a complete list of the amounts given to all districts in Texas in 2019 here. The amounts do not include revenues generated by school districts.
