The Massachusetts Lottery recorded its highest-ever fiscal year revenues in FY2022, bringing in $5.86bn to topple its previous best of $5.83bn set last year.
The achievement arrives in the 50th year of the lottery’s existence, and it has now eclipsed $5bn for revenues for the last eight years.
Additionally, the organisation also exceeded the $1bn mark for net profit in consecutive years, the first time it has done so in its history.
$1.1bn was produced in net profit for the Commonwealth in FY2022, just below its all-time high of $1.11bn in FY2021.
State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission, commented: “As the lottery celebrates its 50th anniversary, we continue to set records and generate valuable resources for every community in the state.
“We thank our customers, our retail partners, and our lottery team members who are so important to our lottery’s success.”
Another record was broken in FY2022 as the lottery paid out $4.3bn in prizes, usurping the previous high of $4.28bn during the previous year. Lottery players won 196 prizes valued at $1m or more, including 29 prizes valued at $2m or more.
Furthermore, the lottery has now generated over $143bn in revenues since selling its first ticket in 1972, while it has also awarded over $100bn in prizes andreturned over $31bn in net profit to the Commonwealth for unrestricted local aid provided to cities and towns.
Finally, the lottery paid over $8bn 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,” added 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.”
73.5 % of all revenue was returned to players in FY2022, while the lottery’s network of retailers earned an estimated $335m in commissions and bonuses, another fiscal year record.
Instant ticket sales totalled $3.9bn, a 3% decrease from the record $4bn it achieved in FY2021, whereas Keno established an all-time high with over $1.22bn in total sales, an increase of 15% over last year ($1.1bn).
Earlier this year it was revealed that the lottery had set all-time weekly sales records for instant tickets and Keno in the final week of 2021, contributing to record weekly sales of $145.33m.