The Massachusetts State Lottery has announced it is projecting record revenues of over $5.6bn and a near-record net profit of $1.06bn with less than three weeks remaining in the 2021 fiscal year, as a result of its strong performance through the first 11-plus months.
State Treasurer Deborah B Goldberg, Chair of the Massachusetts State Lottery Commission, commented: “Our top priority during these unprecedented times has been the health and well-being of our employees and customers. Even in a challenging environment, we continue to perform at the highest levels necessary to generate much needed local aid for every community throughout the state.”
In a year impacted by the COVID-19 pandemic, the Bay State lottery produced $986.9m in net profit in FY2020. It posted a record $1.1bn in net profit in FY2019. The updated net profit projection takes into account a normal business environment with no serious interruptions for the remainder of the month.
Michael Sweeney, the lottery’s Executive Director, added: “I am extremely proud of our team members for their hard work and dedication while adjusting to the changes in their professional and personal lives brought on by the pandemic. The support of Treasurer Goldberg and our Commissioners, as well as our retail partners throughout the state, has been critical to our success.”
The lottery’s FY2021 began on July 1, 2020. Through the week ending June 12, total sales have increased 10.7% year-over-year ($5.519bn in FY2021, $4.988bn in FY2020), due to record-setting instant ticket sales and a notable jump in Mega Millions and Powerball ticket sales, especially in January 2021 when both games hit large jackpots.
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 expected to be announced in September once the FY2021 financial statement has been completed.
Back in May, the lottery successfully processed its first remote ticket cashing transaction through the Mass Lottery mobile application.