Massachusetts Lottery records US$1.1bn in net profit in FY22
State lottery revenues for the fiscal year ended June 30 were estimated at US$5.86bn.
US.- Massachusetts Lottery reported a net profit of US$1.102bn for the fiscal year ended June 30, 2022, another record-setting achievement in its 50-year history.
A record amount of US$5.860bn was generated by lottery revenues, topping the US$5.828bn recorded in the fiscal year 2021, when net profit reached an all-time high of US$1.112bn.
Deborah B. Goldberg, chair of the Massachusetts State Lottery Commission said: “As the Lottery celebrates its 50th anniversary, we continue to set records and generate valuable resources for every community in the state.
“We thank our customers, our retail partners, and our lottery team members who are so important to our Lottery’s success.”
In the 2022 fiscal year, lottery players won 196 prizes valued at US$1m or more, including 29 prizes valued at US$2m or more. Also in the fiscal year 2022, the lottery surpassed its previous record of US$4.283bn by paying out an estimated US$4.309bn in prizes.
The lottery dealer network generated approximately US$335m in commissions and winnings for the year ended June 30, 2022.
Keno hit an all-time high with total revenue of more than US$1.217bn, a 15 per cent increase from US$1.057bn in fiscal 2021 while instant ticket sales totalled US$3.906bn, down 3 per cent when compared to the previous fiscal year.
Total revenue from all draw games was US$711.2m, down less than 0.5 per cent from last year’s total revenue of US$713.7m.
Mark William Bracken, the Lottery’s Interim Executive Director, said: “The efforts of our retail partners and our team members, with the guidance and support of Treasurer Goldberg and our Commissioners, contributed to another banner year even as the pandemic continued to pose challenges.
“We are especially grateful for our customers, who were rewarded with a record amount of prize winnings.”
Massachusetts House-Senate sports betting bill negotiations remain “far apart”
As previously reported by Focus Gaming News, Massachusetts House of Representatives Speaker Ron Mariano said that State House and Senate negotiators remains “far apart” in discussions on the legalisation of sports betting. A final agreement is stuck on several key points, including the legalisation of collegiate sports betting.
Each chamber has approved a different sports betting bill, and they’re struggling to agree on a common piece of legislation to legalise sports betting in the state. The bill passed by the Senate includes a prohibition on wagers on collegiate athletes and also a different tax rate from that approved by the House.
