CA SB818

Requires the California State Lottery Director to conduct a study at least once every five years to determine the optimal prize payout range that maximizes public education funding from the lottery.

Directs the California State Lottery Commission to use the optimal prize payout range determined by the study to set the lottery's annual budget, beginning with the 2021-22 fiscal year.

Applies existing revenue allocation formulas requiring that not less than 84-87% of total annual lottery revenues be returned to the public in the form of prizes and education funding.