Lottery in Massachusetts reports billions
The Bay state’s lottery has reported net profits of US$1 billion, the first time in 45 years of operations.
US.- The Massachusetts State Lottery Commission revealed that net profit was up 4.6 percent to US$1 billion, the best number the lottery has ever achieved in its 45 years of operations. Lottery officials were expecting the impressive results.
Whilst lottery sales decreased 2.7 percent to US$5 billion, the number was overshadowed by net profit: “This is a proud moment for the Lottery. During uncertain times, we were able to increase unrestricted local aid to the cities and towns throughout the Commonwealth,” said Treasurer Deborah Goldberg, who last month said that the efficiency of the lottery is one of the reasons why it has been doing so well. As Lottery Post reported, for the fiscal year that ended on June 30, the lottery paid out US$3.6 billion in prizes, and the total sales numbers totaled US$935 per year for every resident of Massachusetts.
Nevertheless, Lottery Commission Executive Director Michael Sweeney claimed that sales have been falling for years: “We are absent from what I would argue is the most significant market change in commerce in recent years. In order to change our business model, we’d need approval from the Legislature, for example, to sell online.”
