Massachusetts Lottery Produces Estimated $1.157 Billion in Net Profit for Commonwealth in FY 2024

Massachusetts, July 30, 2024 — State Treasurer Deborah B. Goldberg announced today that the Massachusetts State Lottery produced an estimated $1.157 billion in net profit for the Commonwealth during the 2024 fiscal year that began July 1, 2023 and ended June 30, 2024. This is the second highest net profit total in the Lottery’s 52-year history, trailing the record of $1.193 billion set last fiscal year.

Mass Lottery revenues rang in at an estimated $6.165 billion, eclipsing the previous record of $6.148 billion set in fiscal year 2023.

“I am proud of our team’s performance as we faced mounting challenges in the marketplace. Thank you to our retail partners and our customers for their continued support of our mission,” said State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission. “Because of everyone’s efforts, we are able to provide critical local aid to all 351 communities throughout the state.”

Since selling its first ticket in 1972, the Mass Lottery has generated over $155 billion in revenues, awarded over $109 billion in prizes, returned over $33 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8.8 billion in commissions and bonuses to its statewide network of retailers.

“Thanks to our customers, our employees and our statewide retail partners, we were once again able to deliver over $1 billion to our local communities,” said Mark William Bracken, Executive Director of the Mass Lottery. “We appreciate Treasurer Goldberg and our Commissioners for their guidance as we continue to introduce new ways to engage our customers and support our retailers.”

While the FY 2024 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 $4.525 billion in prizes in FY 2024, surpassing the previous high of $4.483 billion paid out in FY 2023. An estimated 73.4 percent of all revenue was returned to players in FY 2024. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes.

In FY 2024, Mass Lottery players won 160 prizes valued at $1 million or more. This includes 141 instant ticket prizes, 11 Powerball prizes, four Mega Millions prizes, three Megabucks jackpots and one $1 million Holiday Raffle prize. Among the instant ticket prizes were three $25 million prizes, one $15 million prize, and two $10 million prizes.

The Lottery’s network of retailers earned an estimated $350.7 million in commissions and bonuses in FY 2024, also a record, surpassing the previous high of $350.3 million set in FY 2023.

Instant ticket sales totaled $4.013 billion, a decrease of less than one percent compared to the record-setting $4.043 billion set in FY 2023, when the Lottery launched its first $50 instant ticket. In May, the Lottery celebrated the 50th anniversary of its introduction of the world’s first instant scratch ticket with the launch of “The Instant Game.”

Keno established an all-time high with over $1.252 billion in total sales, a two percent increase over the $1.226 billion registered in FY 2023.

Bolstered by three Powerball jackpots and two Mega Millions jackpots that exceeded the $1 billion mark over the course of the fiscal year, draw games sales totaled a record $848.3 million, a 3.7 percent increase over FY 2023 ($817.9 million).

The Lottery’s administrative costs were 2.2 percent of overall revenues.

In September of 2021, 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 of this year, the Lottery processed 116,460 transactions totaling over $155.6 million. These transactions have saved customers over $850,000 in gasoline costs and facilitated a 4.5-million-pound reduction in carbon emissions through the elimination of vehicle trips to Lottery claim centers, while also promoting sustainability and public health.

SOURCE: Massachusetts State Lottery.