Mark William Bracken, Executive Director of the Mass Lottery, highlighted the continued support from various stakeholders. “Thanks to our customers, our employees, and our statewide retail partners, we were once again able to deliver over $1 billion to our local communities,” Bracken said.
The Massachusetts State Lottery has announced an estimated net profit of $1.157 billion for the fiscal year 2024, which ran from July 1, 2023, to June 30, 2024. This marks the second-highest net profit in the Lottery's 52-year history, closely following the record $1.193 billion achieved in the previous fiscal year.
Total revenues for the fiscal year reached an estimated $6.165 billion, surpassing the previous record of $6.148 billion set in FY 2023. State Treasurer Deborah B. Goldberg, who also chairs the Massachusetts State Lottery Commission, expressed pride in the team’s performance amidst challenging market conditions.
“Thank you to our retail partners and our customers for their continued support of our mission,” Goldberg stated. “Because of everyone’s efforts, we are able to provide critical local aid to all 351 communities throughout the state.”
Since its inception in 1972, the Mass Lottery has generated over $155 billion in revenues, awarded over $109 billion in prizes, returned over $33 billion in net profit to the Commonwealth for unrestricted local aid, and paid over $8.8 billion in commissions and bonuses to its statewide network of retailers.
Mark William Bracken, Executive Director of the Mass Lottery, highlighted the continued support from various stakeholders. “Thanks to our customers, our employees, and our statewide retail partners, we were once again able to deliver over $1 billion to our local communities,” Bracken said.
He also acknowledged the guidance of Treasurer Goldberg and the Commissioners as the Lottery continues to innovate in customer engagement and retailer support.
While the FY 2024 figures are pending formal audit, the Lottery does not anticipate significant changes upon completion of the annual review by the end of September. The Lottery paid out an estimated $4.525 billion in prizes in FY 2024, surpassing the previous record of $4.483 billion from FY 2023.
An estimated 73.4 percent of all revenue was returned to players, with prize payouts varying year to year based on the rate of prize claims.
Notably, Mass Lottery players won 160 prizes valued at $1 million or more during FY 2024. This included 141 instant ticket prizes, 11 Powerball prizes, four Mega Millions prizes, three Megabucks jackpots, and one $1 million Holiday Raffle prize. Among the instant ticket prizes were three $25 million prizes, one $15 million prize, and two $10 million prizes.
The Lottery’s retailer network earned an estimated $350.7 million in commissions and bonuses in FY 2024, setting a new record and surpassing the $350.3 million earned in FY 2023. Instant ticket sales totaled $4.013 billion, a slight decrease from the previous year’s $4.043 billion, which was bolstered by the introduction of the first $50 instant ticket.
Keno sales reached an all-time high of over $1.252 billion, a 2 percent increase from FY 2023’s $1.226 billion. Draw game sales also hit a record $848.3 million, a 3.7 percent increase over the $817.9 million from FY 2023, driven by several large jackpots.
The Lottery maintained administrative costs at 2.2 percent of overall revenues. The Lottery added a mobile cashing feature to its app in September 2021. This feature allows customers to securely claim prizes of $601 to $5,000 electronically.
By the end of FY 2024, the Lottery processed 116,460 transactions totaling over $155.6 million through the app. This initiative saved customers over $850,000 in gasoline costs and reduced carbon emissions by 4.5 million pounds, promoting sustainability and public health.
https://www.yogonet.com/international/news/2024/07/31/73831-massachusetts-state-lottery-reports-1157-billion-net-profit-for-fy-2024