Massachusetts State Lottery Tops Over $1Billion In Profits For First Time
The Massachusetts State Lottery has for the for time in its 45 year history managed to surpass the $1 billion mark in net profit for a single fiscal year, according to State Treasurer Deborah Goldberg. This makes it the third consecutive year that the lottery has posted record profits with an increase from the$989.4m previous records in FY16.
Lottery sales in FY17 topped $5 billion which was less than FY16’w $5.233 billion. Goldberg was naturally delighted with the results and said,” This is a proud moment for the Lottery. During uncertain times, we were able to increase unrestricted local aid to the cities and towns throughout the Commonwealth. The team achieved these goals by increasing efficiencies and creative utilization of resources, so necessary in an ever changing environment.”
Even more impressive was the money that the Lottery spent on administration which was less than 2 percent of overall revenues. This $97.4 million is the lowest out of any U.S. lottery. In terms of prizes the Lottery awarded an estimated $3.668 billion in Fy17. The Massachusetts Lottery has the highest payout percentage out of any lottery in the U.S. The main revenues maker was Instant Tickets that made an estimated 43.5 billion in sales. This is high but is less than the $3.615 in FY16. KENO sales reported an record high with estimated sales coming in at $915 million which was a 1.1% increase from FY16.