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.
• Provide continued publication and enhancements to Lottery management reporting (Monthly Reports Package).
Other duties may be required based on supplementary assignments.
Note - This position requires in-office work three days per week including Tuesday and Wednesday.
Minimum Qualifications
The person selected for this position will have:
Bachelor’s Degree in Accounting, Finance, Business, or other related field from an accredited 4-year college or university.
Thorough knowledge and understanding of banking, cash management, investments, and collections for highly visible cash-intense billion dollar business operation.
Considerable knowledge of accounting practices and principles, internal controls, automated systems applications and treasury operations.
Demonstrated project management skills, including the development of user and system design specifications involving testing and implementation.
Knowledge of government securities, investments, and Federal Reserve clearing policies.
Knowledge of accounts receivable management, credit and collections.
Experience managing treasury operations staff with responsibilities for highly automated, high transaction volumes and significant cash flow operations.
Experience managing collections in a regulated environment. Experience with banking and investments at a managerial level.
A comparable amount of training and experience may be substituted for the minimum qualifications.
Additional Considerations
Experience in a progressively responsible management role, with management experience preferred.
Knowledge of the retail operations and Lottery industry is desired.
Knowledge of control environment and promote new technology.
Ability to react and communicate effectively in all situations. Some areas of responsibility require quick, yet thorough analyses and decisions, while others require long-term research and detailed planning involving several other states.
Critical communication skills at all levels, including high-level representatives from other Lottery operations, state oversight agencies, legal representatives, and retailers.
Special Instructions
You will be provided a confirmation of receipt when your application and/or résumé is submitted successfully. Please refer to “Your Application” in your account to check the status of your application for this position.
Contact Information
Name: Human Resources
Phone: 804-692-7000
Email: N/A
In support of the Commonwealth’s commitment to inclusion, we are encouraging individuals with disabilities to apply through the Commonwealth Alternative Hiring Process. To be considered for this opportunity, applicants will need to provide their AHP Letter (formerly COD) provided by the Department for Aging & Rehabilitative Services (DARS), or the Department for the Blind & Vision Impaired (DBVI). Service-Connected Veterans are encouraged to answer Veteran status questions and submit their disability documentation, if applicable, to DARS/DBVI to get their AHP Letter. Requesting an AHP Letter can be found at AHP Letter or by calling DARS at 800-552-5019.
Note: Applicants who received a Certificate of Disability from DARS or DBVI dated between April 1, 2022- February 29, 2024, can still use that COD as applicable documentation for the Alternative Hiring Process.