Lottery 5th straight record-setting year produces $989.9M in net profit

News
lottery balls in a row_428179

lottery balls in a row isolated on white background

BOSTON (WWLP) – State Treasurer, Deborah Goldberg, announced on Monday that the Lottery ended its fiscal year with an estimated $986.9 million in profit, $1 million higher than the record of $985.9 million set last fiscal year.

The Lottery is the single largest source of unrestricted local aid to the Commonwealth’s 351 cities and towns.

Estimated sales of $5.231 billion eclipsed the previous record of $5.014 billion set last year by $217 million, marking the fifth consecutive year of record-setting sales. The Lottery’s fiscal year started July 1, 2015 and ended June 30, 2016.

“I am very pleased that the Lottery has once again been able to deliver record-setting revenues that will benefit all of our cities and towns,” said Goldberg, who as Treasurer serves as Chair of the Massachusetts State Lottery Commission. “The local aid derived from Lottery profits is crucial to municipal budgets and the funding of important initiatives and services at the local level.”

Instant Ticket sales topped $3.6 billion, a $92.4 million increase over FY15. KENO sales rang in at an estimated $905 million, a $54.5 million increase over FY15, due in part to the continued expansion of the number of agents offering the product.

January’s run of Powerball jackpots featured a U.S.-Lottery record $947.9 million jackpot on January 9 and a world-record jackpot of $1.586 billion on January 13. Those two drawings alone attracted over $56.8 million in sales in Massachusetts, accounting for much of the $72.5 million increase in Powerball sales for this fiscal year compared to FY15.

The Lottery spent an estimated $103.3 million on administrative costs in FY16. These costs remained at approximately 2% of overall revenues, the lowest of any U.S. lottery.

The Lottery awarded a record $3.842 billion in prizes in FY16.

The Massachusetts Lottery has the highest payout percentage of any lottery in the country with a 73.4% payout of all revenue returned to players in the form of winnings in FY16.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Donate Today