Massachusetts Lottery Produces Estimated $1.102 Billion in Net Profit for the Commonwealth in Fiscal Year 2022
MASSACHUSETTS (July 26, 2022) — State Treasurer Deborah B. Goldberg announced today that the Massachusetts State Lottery produced an estimated $1.102 billion in net profit for the Commonwealth during the 2022 fiscal year that began July 1, 2021 and ended June 30, 2022, exceeding the $1 billion mark in consecutive years for the first time in the Lottery’s 50-year history.
Lottery revenues rang in at an estimated record high of $5.860 billion, topping the previous record of $5.828 billion set in the fiscal year 2021, when net profit totalled an all-time high of $1.112 billion. It is the eighth year in a row that revenues have eclipsed $5 billion.
“As the Lottery celebrates its 50th anniversary, we continue to set records and generate valuable resources for every community in the state,” said State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission. “We thank our customers, our retail partners, and our lottery team members who are so important to our Lottery’s success.”
Since selling its first ticket in 1972, the Mass Lottery has generated over $143 billion in revenues, awarded over $100 billion in prizes, returned over $31 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8 billion in commissions and bonuses to its statewide network of retailers.
“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,” said Mark William Bracken, the Lottery’s Interim Executive Director. “We are especially grateful for our customers, who were rewarded with a record amount of prize winnings.”
While the FY 2022 figures have not been formally audited, the Lottery does not expect them to change substantially once that annual review process is complete. Lottery officials anticipate completing the finalized financial statement of operations by the end of September.
The Lottery set a record by paying out an estimated $4.309 billion in prizes in FY 2022, surpassing the previous high of $4.283 billion paid out in FY 2021. An estimated 73.5 per cent of all revenue was returned to players in FY 2022. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes. In FY 2022, Lottery players won 196 prizes valued at $1 million or more, including 29 prizes valued at $2 million or more.
The Lottery’s network of retailers earned an estimated $335 million in commissions and bonuses in FY 2022, also a record, surpassing the previous high of $333 million set in FY 2021.
Keno established an all-time high with over $1.217 billion in total sales, a 15 per cent increase over the $1.057 billion registered in the fiscal year 2021.
Instant ticket sales totalled $3.906 billion, just under the record $4.030 billion from last fiscal year for a three per cent decrease.
Combined sales of all draw games were $711.2 million, trailing last year’s total of $713.7 million by less than half of a per cent. Powerball, Lucky for Life and Megabucks Doubler all posted gains, offsetting declines in Mega Millions, The Numbers Game and Mass Cash.
The Lottery’s administrative costs were two per cent of overall revenues.
Last September, the Lottery added a mobile cashing feature to its app, giving customers the ability to claim prizes of $601 to $5,000 securely through the Mass Lottery app and receive their winnings electronically to their bank account. Through June 30, the Lottery processed 23,612 transactions totalling $30.8 million, saving customers over $200,000 in gasoline costs through the elimination of vehicle trips to Lottery claim centres, while also promoting sustainability and public health.
SOURCE: Massachusetts State Lottery,Tags: Massachusetts State Lottery., Deborah B. Goldberg, Lottery revenues $5.860 billion, Lottery celebrates its 50th anniversary