The Massachusetts Lottery earned $1.1bn in net profit for the state’s Commonwealth fund in FY2021, the largest amount since the lottery’s inception.
It represents a narrow 0.72% rise from the previous record achieved in FY2019, but it also indicates that the lottery is trading more successfully than pre-pandemic.
For the period ending June 30, the state lottery posted total revenues of $5.83bn, another record-breaking sum and a 5.8% improvement from FY2019. The figure also marks the seventh consecutive year that the lottery has posted revenue of over $5bn in a fiscal year.
The increase in net profit and revenue stems from the reopening of retailers following COVID-19 lockdowns, which the lottery’s Commission states still impacted operations throughout the period.
State Treasurer and Chair of the Commission, Deborah B. Goldberg, commented: “We are extremely pleased, that despite experiencing a challenging business environment, the Lottery has achieved this record-setting performance.
“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.”
Retailers of the lottery also benefitted from the successes of the year; the network earned a record $333.3m in commission and bonuses.
Meanwhile, player prize payouts represented 73.5% of earnings, meaning $4.28bn was paid to winning players across the year. In FY2021, lottery players won 208 prizes valued at $1m or more, including 38 prizes valued at $2m 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,” added Michael Sweeney, the lottery’s Executive Director.