For Immediate Release Contact: Christian Teja
Phone: (781) 664-7168
MASS LOTTERY PRODUCES ESTIMATED $1.176 BILLION IN NET PROFIT FOR THE COMMONWEALTH IN FISCAL YEAR 2023, A NEW ALL-TIME HIGH
Revenues top $6 billion for the first time, resulting in largest commissions and bonuses for retailers and all-time prize payout for players
DORCHESTER, MA (July 25, 2023) – State Treasurer Deborah B. Goldberg announced today that the Massachusetts State Lottery produced an estimated $1.176 billion in net profit for the Commonwealth during the 2023 fiscal year that began July 1, 2022 and ended June 30, 2023. This is the highest net profit total in the Lottery’s 51-year history, surpassing the previous record of $1.112 billion set in the 2021 fiscal year.
Mass Lottery revenues topped the $6 billion mark for the first time ever, ringing in at an estimated $6.131 billion. This bested the previous record of $5.863 billion set in fiscal year 2022, when net profit totaled $1.105 billion.
“I am proud of the performance of our team and want to thank our retail partners and our customers as we face mounting challenges in the marketplace,” said State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission. “Because of everyone’s efforts, we are able to meet our mission of providing critical local aid to all 351 communities in the state.”
The first half of the 2023 fiscal year included a celebration of the Mass Lottery’s 50th anniversary. Since selling its first ticket in 1972, the Lottery has generated over $149 billion in revenues, awarded over $105 billion in prizes, returned over $32 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8.5 billion in commissions and bonuses to its statewide network of retailers.
“Thanks to our customers, our employees and our statewide retail partners, we have returned record-setting funding to our local communities,” said Mark William Bracken, the Mass Lottery’s Executive Director. “We appreciate Treasurer Goldberg and our Commissioners for their continued guidance as we find new ways to engage our customers and support our retailers.”
While the FY 2023 figures have not been formally audited, the Lottery does not expect them to change substantially once that annual review process is complete. Lottery officials anticipate completing the finalized financial statement of operations by the end of September.
The Lottery set a record by paying out an estimated $4.483 billion in prizes in FY 2023, surpassing the previous high of $4.309 billion paid out in FY 2022. An estimated 73.1 percent of all revenue was returned to players in FY 2023. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes. In FY 2023, Lottery players won 145 prizes valued at $1 million or more, including Mega Millions jackpots of $33 million and $31 million.
The Lottery’s network of retailers earned an estimated $350 million in commissions and bonuses in FY 2023, also a record, surpassing the previous high of $335 million set in FY 2022.
Instant ticket sales totaled a record $4.043 billion, a three percent increase over FY 2022 ($3.906 billion). Instant sales were bolstered by the February launch of the Lottery’s first $50 instant ticket, Billion Dollar Extravaganza, which accounted for over half a billion dollars in sales.
With two jackpots that surpassed $1 billion, Mega Millions sales were 116 percent ahead of FY 2022 ($159.5 million vs. $73.9 million). Powerball sales, boosted by the run-up to the first-ever $2 billion jackpot in November, were up 31 percent over last fiscal year ($169.7 million vs. $129.4 million).
Keno established an all-time high with over $1.226 billion in total sales, a .78 percent increase over the $1.217 billion registered in FY 2022.
The Lottery’s administrative costs were two percent of overall revenues.
In September of 2021, the Lottery added a mobile cashing feature to its app, giving customers the ability to claim prizes of $601 to $5,000 securely through the Mass Lottery app and receive their winnings electronically to their bank account. Through June 30, the Lottery processed 66,543 transactions totaling over $87 million. These transactions have saved customers over $500,000 in gasoline costs and facilitated a 2.5-million-pound reduction in carbon emissions through the elimination of vehicle trips to Lottery claim centers, while also promoting sustainability and public health.