Grossman Announces Increase in Anticipated Lottery Profits
Innovative Games, New Lottery Management Team and Mild Winter Credited With Outstanding Performance
Treasurer Steven Grossman today announced that the Massachusetts State Lottery’s projected profit for 2012 has increased to $936 million following strong sales for the first nine months of the year. The new number, based on game sales-to-date and budget projection estimates, is $42 million higher than the $894 million on which the Commonwealth’s Fiscal Year 2012 budget is based.
“This newly anticipated profit is a result of the innovative approaches that the team at the Massachusetts Lottery has undertaken during the last fourteen months,” said Grossman, who as Treasurer serves as the Lottery Chairman. “Solid customer-oriented management, coupled with the profit generated from the last week’s historic Mega Millions jackpot and a mild winter that encouraged people to venture out and play, will result in our being able to deliver even more needed revenue to the Commonwealth.”
Friday’s Mega Millions drawing offered an unprecedented $656 million jackpot that generated a nationwide buzz around lottery play and resulted in a $16.4 million profit for the Massachusetts Lottery since the record jackpot began growing on January 24. Likewise, winter snowstorms that customarily suppress Lottery sales during the winter months didn’t materialize this season, also resulting in a higher level of play. Even without these two factors, however, Lottery officials noted that an improved portfolio of games, an innovative approach to promotions, and a newly professionalized staff are all paying substantial dividends in terms of profit.
“Thanks to adjustments made to the instant ticket portfolio and last month’s launch of the multi-state Lucky for Life draw game, Lottery game sales were exceptionally strong prior to this Mega Millions jackpot run,” said Lottery Executive Director Paul Sternburg. “The sales resulting from the mega-sized jackpot only added to our already-substantial profits, and we have several exciting initiatives planned to continue that momentum in FY13.”
The Massachusetts State Lottery, which was created 40 years ago to generate much-needed local aid revenues for the Commonwealth’s 351 cities and towns, generates approximately $4.5 billion in sales annually. Since 1972, the Lottery has returned more than $18.8 billion in net profit to the Commonwealth.
For more information about the Lottery, visit: www.masslottery.com.