The Massachusetts State Lottery has achieved notable financial success for the fiscal year ending June 30, 2024, reporting an estimated net profit of $1.16 billion. This figure marks the second-highest total in the Lottery’s history, just shy of the $1.19 billion recorded in the previous fiscal year.
Record Revenue and Prize Payouts
For the 2024 fiscal year, the Massachusetts State Lottery reported record revenues of $6.17 billion. This revenue figure is significant as it underscores the robust performance of the Lottery amidst a competitive marketplace. In addition to the impressive revenue, the Lottery paid out an estimated $4.53 billion in prizes, reflecting a substantial return to players. This payout represents approximately 73.4% of the total revenue, ensuring that a major portion of the funds generated from lottery sales is returned to the community in the form of prizes.
Net Profit
The Lottery’s net profit for the fiscal year was $1.16 billion. Although this is a slight decrease from the previous year’s record of $1.19 billion, it still represents an exceptionally strong financial outcome. This net profit is critical as it funds unrestricted local aid, benefiting all 351 communities across the state. The consistent high performance highlights the effective management and strategic operations of the Lottery.
Treasurer Deborah B. Goldberg’s Remarks
State Treasurer Deborah B. Goldberg, who also chairs the Massachusetts State Lottery Commission, expressed pride in the Lottery’s performance despite facing numerous challenges. She acknowledged the crucial role of retail partners and customers in supporting the Lottery’s mission. Goldberg emphasized that the continued success enables the Lottery to provide essential local aid, underscoring the importance of collective effort in achieving these results.
Executive Director Mark William Bracken’s Perspective
Mark William Bracken, the Executive Director of the Massachusetts State Lottery, highlighted the collaborative effort that led to surpassing the $1 billion mark in local aid once again. He thanked customers, employees, and retail partners for their contributions, noting the ongoing commitment to engaging customers and supporting retailers. Bracken’s comments reflect a strong appreciation for the teamwork that underpins the Lottery’s success.
Revenue and Prize Statistics Since 1972
Since its inception in 1972, the Massachusetts State Lottery has accumulated over $155 billion in revenue. Over this period, the Lottery has awarded more than $109 billion in prizes and generated over $33 billion in net profit for unrestricted local aid. These figures demonstrate the Lottery’s significant impact on the state’s communities and its ongoing contribution to local funding.
Legislative Developments
In a recent development, Massachusetts Governor Maura Healey has signed the fiscal year 2025 state budget, which includes the legalization of online lottery sales. This move is expected to be a game-changer for the Lottery, potentially expanding its reach and revenue streams. The legislation stipulates that online lottery customers must be at least 21 years old, ensuring compliance with legal age requirements.
Anticipated Launch and Future Revenue
Lottery officials are projecting the launch of an online platform within approximately 16 months. Revenue from online lottery sales is anticipated to support a grant program dedicated to early childhood education and care. This initiative reflects a forward-looking approach to leveraging new technology for community benefit and educational support.
The Massachusetts State Lottery’s financial performance for the 2024 fiscal year highlights its continued strength and resilience. With record revenues, substantial prize payouts, and significant local aid contributions, the Lottery remains a vital institution in Massachusetts. Looking forward, the anticipated launch of online lottery sales promises to bring further opportunities for growth and community support. As the Lottery adapts to new market dynamics and technological advancements, its impact on the state’s communities is likely to grow even further.