BOSTON (WWLP) - Massachusetts has the most successful lottery in the country, but what will happen when casinos come into play? The state's 351 cities and towns will be impacted.
Currently, lottery sales are up by nearly 4% compared to this time last year. That means that Massachusetts could see a return of nearly $1 billion in net profits that could go to cities and towns.
Every year since 2007, state lottery revenues have managed to distribute more than $900 million in local aid to cities and towns. A big question is how casinos will impact those returns.
Commercial casino developers will be required to give the state 25% of their gambling revenues, some of which will go toward local aid. State Treasurer Steve Grossman is optimistic that gaming revenues in addition to lottery revenues will increase the total amount of local aid that goes to cities and towns.
"I think they feel that when you add up the revenue that will come from the casinos, plus the money that will come from the Lottery, that it will actually be more total revenue than we currently get," Grossman said.
By some estimates, Treasurer Grossman says casinos could generate about $300 million in additional revenue for cities and towns. He says that combined with 15,000 new casino jobs and the Lottery's goal of generating innovative products will benefit the state in the long run.