Massachusetts State Lottery increases profit projections

The Massachusetts State Lottery forecasts net profit of $985m.
The Massachusetts State Lottery forecasts net profit of $985m.

The Massachusetts State Lottery is expecting to see higher profits in 2021.

US.- The Massachusetts State Lottery has increased its net profit projection for fiscal year 2021 to $985m after a strong performance in the first half of the year. It had originally forecast net profit of $940m.

The predictions were bumped up after the lottery saw a rise in Mega Million and Powerball ticket sales in January.

For the 2020 fiscal year, the lottery recorded net profit of $986.9m.

Looking at just the first seven months of the fiscal year, lottery sales reached $3.359bn, up 4.5 per cent year-on-year.

State Treasurer Deborah B. Goldberg, chair of the Massachusetts State Lottery Commission, said: “Even as we have continued to be impacted by the pandemic, the lottery team has exceeded expectations while adapting operations to keep people safe.

“We recognize, especially now, how important lottery resources are to the 351 cities and towns and will continue to meet our mission of helping communities all over the state.”

The lottery’s net profit goes towards aid for 351 cities and towns in Massachusetts.

Meanwhile, sports betting has been taken off the state’s economic development bill despite pressure from a coalition in favour.

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covid-19 lottery Massachusetts State Lottery