Massachusetts State Lottery Produces $1.112 Billion in Net Profit for the Commonwealth in Fiscal Year 2021, Establishing All-Time High
Dorchester, MA (September 28, 2021) — State Treasurer Deborah B. Goldberg announced today that the Massachusetts State Lottery produced $1.112 billion in net profit for the Commonwealth during the 2021 fiscal year that began July 1, 2020 and ended June 30, 2021. This is the highest net profit total in the Lottery’s 50-year history, surpassing the previous record of $1.104 billion set in the 2019 fiscal year.
Lottery revenues came in at a record high of $5.829 billion, topping the previous record of $5.509 billion set in the fiscal year 2019. It is the seventh consecutive year that revenues have eclipsed the $5 billion mark.
“We are extremely pleased, that despite experiencing a challenging business environment, the Lottery has achieved this record-setting performance,” said State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission. “Thanks to the Lottery team, our retail partners, and most importantly, our customers, we are able to meet our mission of providing critical resources to every community in the state.”
The Lottery’s network of retailers earned $333.3 million in commissions and bonuses in FY 2021, also a record, surpassing the previous high of $314.5 million set in FY 2019.
With 73.5 percent of all revenue returned to players in the form of winnings in FY 2021, the Lottery set another record by paying out $4.283 billion in prizes. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes. In FY 2021, Lottery players won 208 prizes valued at $1 million or more, including 38 prizes valued at $2 million or more.
“With record-setting figures across the board, Lottery players, our retail partners, and the 351 cities and towns in Massachusetts are all winners,” said Michael Sweeney, the Lottery’s Executive Director.
In the fiscal year 2020, which was significantly impacted by the COVID-19 pandemic, Lottery’s net profit totaled $986.9 million.
The Lottery’s administrative costs were less than two percent of overall revenues.
The Lottery announced an estimated net profit figure of $1.105 billion in July, noting that the final statement of operations would be completed in the fall.
SOURCE: Massachusetts State Lottery.Tags: Massachusetts State Lottery.