Lottery Business Operations Manager

Title: Lottery Business Operations Manager

Hiring Range: $110,388 - $143,880

Pay Band: UG

Agency: Virginia Lottery

Location: Virginia Lottery

Agency Website: www.valottery.com

Recruitment Type: General Public - G

Job Duties

For more than three decades, the Virginia Lottery has worked to build a strong reputation, one synonymous with providing fun, entertaining experiences and doing so responsibly and with integrity. Proceeds from traditional Lottery games support K-12 public education in Virginia. Taxes generated by sports wagering and casino gaming, which are regulated by the Lottery, benefit other priorities of the Commonwealth.

The Virginia Lottery, an independent state agency, is currently seeking a Lottery Business Operations Manager to join its Finance and Administration Department. This position is located in Richmond, Virginia.

The Lottery Business Operations Manager will be responsible for managing all Lottery enterprise (business) gaming operations activities for the Lottery, including cash, investments, accounts receivable and collections, prize (W2G) and miscellaneous (1099) tax reporting, claims processing procedures, iLottery accounting and account balancing, and multistate game accounting and reporting. Purchases securities to fund multi-million-dollar annuitized prizes. Manages and approves multi-million-dollar wire transfers, adjustments to retailer accounts, and collection activities. Reviews system deficiencies and develops system specifications and enhancements to provide the necessary efficiencies and controls.

Key Responsibilities Include:
Managing All Financial Processes of the iLottery:
• Manage all Lottery enterprise (business) gaming operations activities for the Lottery, including cash, investments, accounts receivable and collections, prize (W2G) and miscellaneous (1099) tax reporting, claims processing procedures, iLottery accounting and account balancing, and multistate game accounting and reporting.
• Purchase securities to fund multi-million dollar annuitized prizes. Manage and approve multi-million dollar wire transfers, adjustments to retailer accounts, and collection activities.
• Review system deficiencies and develop system specifications and enhancements to provide the necessary efficiencies and controls.
• Provide guidance to staff on complex retailer inquiries or disputes.
• Actively participate with sales management in developing retailer accounting policies and procedures that meet Lottery needs while making it as easy as possible for retailers to do business with the Lottery. Support retailer expansion efforts through creative solutions to operational challenges.
• Ensure that retailer needs are met effectively.
• Manage over $100 million bond portfolio through buying, selling, and lending under complex rules and procedures. Manage Jackpot and For Life bond accounting system.
• Evaluate pricing of annuity and for-life type prizes, to include variable payment streams and market conditions.
• Ensure that asset accounts are reconciled and analyzed timely and accurately.
• Manage Lottery’s banking contract with senior banking executives, senior Treasury officials related to banking and brokerage accounts, securities brokers, and other officials as needed to ensure excellent service and value.
• Manage the multistate settlement process to ensure that reports and functions are completed timely and in accordance with procedures. Serve as subject matter expert for multistate financial settlements with other member Lottery officials, including purchase of securities for other states’ jackpot winners.
• Provide significant involvement with the ongoing maintenance of the internal surety bond contract provider.
• Manage the recurring payments’ process for all winners receiving payments over time, for both jackpot (finite) and for-life (infinite) prize winners, ensure that payments are accurate, timely, and well documented.
• Ensure that procedures are well documented for claims processing, and that system changes and enhancements are documented, tested, and effective to control outcomes.
• Lead and participate in special projects as assigned, including account collections and court proceedings, criminal convictions, complex bankruptcy proceedings, RFPs and contract negotiations, systems modifications and designs, and new game planning and execution.
• Participate in game design and requirements development to ensure efficient and accurate accounting for revenues and prize expenses.
• Collaborate with IT to ensure systems interfaces function accurately.