The Massachusetts State Lottery is increasing the net profit projection for its FY2021 from $940m to $985m as a result of a strong performance through the first seven months of the fiscal year.
A significant jump in sales of Mega Millions and Powerball tickets is the main driver behind the Bay State lottery’s decision to bump up its projections.
For the first seven months of its FY2021, which began on July 1, 2020, the lottery recorded an increase of 4.5% in total sales over FY2020, as it earned $3.359bn in sales in the first seven months of FY2021 compared to $3.215bn during the same period in FY2020.
State Treasurer Deborah B Goldberg, Chair of the Lottery, 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 recognise, 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.”
Lottery net profit is returned to the Commonwealth for distribution of unrestricted local aid to all 351 cities and towns in Massachusetts. The lottery produced $986.9m in net profit in FY2020.
The updated FY2021 net profit projection is factored upon a normal business environment from March 1 until the end of June with the avoidance of any significant interruptions caused by the pandemic.
Michael Sweeney, the Lottery’s Executive Director, added: “I commend our team members for their outstanding performance while adapting to the workplace dynamics that have become necessary as a result of the pandemic.
“We greatly appreciate the support of Treasurer Goldberg and our Commissioners as we have made adjustments to our operations in an effort to fulfil our mission to serve all cities and towns in Massachusetts.”
Lottery officials will announce an estimated net profit figure for the FY2021 in July, after the June 30 conclusion of the fiscal year. The final net profit total is anticipated to be announced in September upon completion of the FY2021 financial statement of operations.
Back in December, the lottery announced it was planning on allowing its players to claim larger prizes through their phones via the lottery’s mobile app, starting from this spring.