he contract, which is expected to begin January 16, 2010, has an initial term of two years with two one-year extension options.
Revenue to Scientific Games is based on a price per thousand and is estimated to total approximately us$ 1 million per year. "We have enjoyed working with the Vermont Lottery and we are glad to remain partners," said Joe Wright, CEO of Scientific Games.
"The Vermont Lottery, which recently celebrated its 30(th) anniversary, has done a great job over the years growing its instant ticket sales and returning more to the State's education fund and we are gratified to continue to be a part of it," Wright added.
"We are pleased with our decision to continue working with Scientific Games," said Alan Yandow, Executive Director of the Vermont Lottery. "Our instant ticket sales now represent over 70% of our total lottery retail sales. To that end, we are looking forward to Scientific Games helping us reach a higher level of sales, so that we may increase our contribution to the Vermont Education Fund."
In fiscal year 2008, the Vermont Lottery generated us$ 102 million in retail sales, of which nearly 76 % was from instant ticket sales, and returned us$ 22.5 million to the Vermont Education Fund.