Massachusetts Lottery Exceeds Profit Projections

Jul 30, 13 Massachusetts Lottery Exceeds Profit Projections

July 30, 2013 – The Massachusetts Lottery announced today that it had exceeded its own profit expectations for the fiscal year that ended June 30, though its total came up about $30 million short of the record achieved last year.

In a press release, the Lottery said it made a profit of $952 million this year, exceeding start-of-year projections by $25 million.

All proceeds from the Lottery are returned to the 351 cities and towns in Massachusetts as “unrestricted aid”, which means that local legislators can decide where Lottery funding is most needed and best applied in their area.

You can read more about where the money goes and why, as well as how Lottery funds were used, on this webpage detailing the “unrestricted aid” the Lottery provides for Massachusetts.

Sales for Fiscal Year 2013 totaled more than $4.8 billion, exceeding last year’s sales of $4.72 billion by more than $100 million.  This year’s sales were the highest in the Lottery’s 41-year history.

According to the Lottery’s executive director, Paul Sternburg, the past year also marked a record for prize payouts, with winner’s collecting more than $3.5 billion in prizes.  Retailers were able to collect a total of $276 million in commission and bonuses as well.

Higher prize payouts were cited as the reason for the $30 million profit drop from last year, despite the extra $100 million or so in sales.

“We are extremely proud to post another banner year and maximize the return to the Commonwealth’s cities and towns,” Sternburg said.

The Lottery’s treasurer and chairman, Steven Grossman, said that news of the surplus profit is “about much more than numbers on a ledger.”

Grossman pointed to expanded game offerings and innovative promotions, as well as a “newly professionalized staff”, as main reasons for the past two years’ success.

“This robust profit will fuel important local priorities such as roads and bridges, firefighters and police officers, and services for seniors throughout Massachusetts,” Grossman said.

 

Powered By DT Author Box

Written by Matt Isaacs

Matt is the Editorial Manager for the LotteryHUB News Team. Matt graduated from Rutgers University’s School of Journalism and Media Studies in May 2013

Comments

comments

468 ad