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Financial literacy for lottery players - Indiana case study

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Financial literacy for lottery players - Indiana case study

  1. 1. Financial Literacy for Lottery Players Hoosier Lottery Case Study Indiana, USA
  2. 2. Overview • Gain insight into the appropriate role of the gaming industry in promoting financial literacy • Opportunity to review & critique the Hoosier Lottery’s evaluation the program. • Gain insight into concept of shared value and the importance of proactive stakeholder engagement Confidential & Proprietary
  3. 3. Show of hands… • Who knows what “Hoosier” means? • Who knows the percentage of adults on average that use a budget? • How many people in the room feel that it’s appropriate for the gaming industry to produce and promote financial literacy? Confidential & Proprietary
  4. 4. About the Hoosier Lottery • Insert logos Confidential & Proprietary
  5. 5. Why Financial Literacy • Partnership with local stakeholders • Audience: Lottery winners, players, Ivy Tech students • Strategy: Helping winners through life changing event, general education on budgeting for entertainment expense • Launch and support Confidential & Proprietary
  6. 6. Course Content Confidential & Proprietary
  7. 7. Measurement & KPIs • Current Metrics/Monitoring: – 626 registrations – 6% completion rate – Qualitative analysis on the feedback generated by players, winners, and the general public on the usefulness of the content. • Future Metrics/Monitoring: All of the above plus results of survey Confidential & Proprietary
  8. 8. Completion Rate by Module Confidential & Proprietary
  9. 9. Stakeholder Feedback: Players • Liked: • The words “invitation to learn” was used. Made it feel special and not like a requirement or demand like a “teacher hitting you with a plastic ruler” • Getting a certificate, felt like a special accomplishment • Being able to take it “at my leisure” • That it promoted the Hoosier Lottery as “socially aware” • That it was free for anyone • Disliked: • Videos hard to understand - felt accent was distracting • Questions in surveys were too repetitive and easy • Felt like “Final Literacy” wording was intimidating and sounded “hoity-toity” • Too intellectual focused. Confidential & Proprietary
  10. 10. Stakeholder Feedback: Treatment Community • Suggested more promotion of the program. • Called it “Good corporate citizenship” • Suggested adding information about the program on tickets. • Praised the concept and asked for brochures to hand out at future events. Confidential & Proprietary
  11. 11. What does research say? • There is a need for more research specific to financial literacy as a responsible gaming tool. • “Cokely and Kelley (2009) found that higher levels of quantitative reasoning resulted in better decisions involving risk, specifically lotteries and gambling.” – N=80 undergraduate psychology majors • Informed player choice – generally, players that have tools to make wise choices stick to them. Confidential & Proprietary
  12. 12. Lessons Learned • Need lottery-specific data: Survey tool • Re-launch with bigger PR push • Inserting stakeholder feedback into the changes Confidential & Proprietary
  13. 13. Questions? Confidential & Proprietary
  14. 14. 1. Open New Horizons app 2. Select the Agenda button 3. Select This Session 4. Select Take Survey at the bottom To provide session feedback: If you are unable to download the app, please see one of our conference hosts located just outside the room.

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