In its first year, the state's new Permanent Fund Education Raffle drew in a total 8,697 entrants, raising $869,700 to go toward K-12 funding, a billion dollar education endowment, prize money and operational costs.

To enter, eligible Alaskans contributed $100 from their dividend checks to the raffle pool. Sen. Click Bishop, (R-Fairbanks) spearheaded the legislative effort to establish the raffle, and says that public participation in the first year of the program exceeded all of his expectations.

"We were hoping and praying that it would at least generate a quarter million dollars in the first year," Bishop said. "Then initial estimates last year — we were bumping a million."

These initial estimates were a little off the mark, but with $869,700 in the first year of raffle operations, Bishop is optimistic that this could become a new tradition in Alaska — one that gives back to future generations.

"It would be a blessing if in year 10, this thing's got 20 million bucks in it and going north," Bishop told KTUU. "It'll start compounding. It's just like when the fathers of the permanent fund, Jay Hammond and others, put that fund together for a rainy day."

Winners will be announced on Tuesday at 4 p.m. at Harborview Elementary School in Juneau. The formula for the raffle allows for one grand prize and 3 consolation prizes. The winners will be awarded as follows:

—1st place: $17,396

—2nd place: $8,698

—3rd: $4,349

—4th: $2,174

Additionally, 50% of the total proceeds, or $434,850 from the raffle will be directed towards K-12 funding, and 25% of this year's take, or $217,425 will go to the state’s $1 billion education endowment fund.

The remaining proceeds will go into a raffle fund that covers operating costs and contributes to larger prize amounts in the future.