Lottery Profits Beat Expectations for Second Consecutive Year
$952 Million in Net Profit Second Only to Last Year’s Record-Setting Number
Delivering good news to the cities and towns that benefit from the unrestricted local aid supported by the Lottery, Treasurer Steven Grossman today announced that the Lottery ended its fiscal year with $952 million in profit, $25 million higher than the $927 million that was anticipated in the FY13 state budget. This profit level is second only to the $983.4 million that the Lottery generated last year.
“This is about much more than numbers on a ledger. This robust profit will fuel important local priorities such as roads and bridges, firefighters and police officers, and services for seniors throughout Massachusetts,” said Grossman, who as Treasurer serves as Lottery Chairman. “The residents of the Commonwealth’s 351 cities and towns are the direct beneficiaries of the strong management and customer-oriented approach at the Lottery that has led to this impressive outcome.”
The Lottery’s fiscal year ended this past June 30th. Overall sales between July 1, 2012 and June 30th 2013 were $4.831 billion, topping the previous sales record of $4.723 billion set last year by $108 million. Higher payouts to players this year resulted in the net profit being lower, even though overall sales were the highest in the Lottery’s 41-year history.
“We are extremely proud to post another banner year and maximize the return to the Commonwealth’s cities and towns,” said Paul Sternburg, Lottery Executive Director. “Fiscal year 2013 was also the best year in the Lottery’s history for our players and agents, with players winning over $3.5 billion in prizes and agents making over $276 million in commissions and bonuses.”
Grossman attributed the Lottery’s two most successful years to several strategic approaches the agency has taken over the past two years, including an improved portfolio of games, an innovative approach to promotions, and a newly professionalized Lottery staff. Most recently, the Lottery introduced Jackpot Poker, a new monitor game that replaced and refreshed the Daily Race Game. Players’ initial response to Jackpot Poker was strong, and the new game is expected to continue to enhance overall sales.
The Massachusetts State Lottery was created in 1972 to generate much-needed local aid revenues for the Commonwealth’s cities and towns. Since its inception, the Lottery has returned more than $20 billion in net profit to the Commonwealth. For more information about the state Lottery, please visit: www.masslottery.com.