Sales have been up and massive prize claims have been down on the Massachusetts Lottery in January, dynamics that mixed with a profitable new scratch ticket launch to assist the company flip a wholesome revenue and brighten its price range image within the fiscal 12 months’s second half.
Overall gross sales of $590.5 million have been up $62.9 million from January 2022 and just one sport provided for all the month noticed its gross sales dip, Interim Executive Director Mark William Bracken advised the Lottery Commission on Tuesday. And the $20 million in scratch ticket grand prizes that have been claimed final month was down $24 million from January 2022 claims, serving to the Lottery to a internet revenue of $120.8 million final month — an estimated enhance of $39.2 million over final January.
All advised, fiscal year-to-date gross sales are up $21.3 million or 0.6% and the Lottery’s estimated internet revenue is up $12.1 million. Sales of scratch tickets, which account for almost 70% of Lottery enterprise, are nonetheless down nearly 4% on the 12 months. Sales of Keno, the Numbers Game and Mass Cash — extra of probably the most profitable product traces — are additionally within the crimson for the 12 months.
A month in the past, Treasurer Deborah Goldberg advised state price range managers who depend on the Lottery to fund native assist that the Lottery is “still on track to meet its projection of $1 billion dollars in net profit, despite tightening consumer spending, and an increasingly competitive marketplace.”
She stated the Lottery initiatives “flat sales, and therefore a flat net profit of $1 billion” for fiscal 12 months 2024.
“While large jackpots help boost our bottom line this fiscal year, they are unpredictable and not a reliable source of revenue,” the treasurer stated at an annual listening to on the state’s income outlook. “In fact, in the past, these jackpots would drive increased sales in our other product lines, resulting in higher profits to the Lottery. Recently, they have merely helped hold us even.”
Bracken additionally reported Tuesday that the Lottery offered greater than $85.8 million value of its “Billion Dollar Extravaganza” $50 scratch tickets that launched Feb. 7 within the first two-plus weeks that the ticket was available on the market. More than 470,000 of the tickets have been winners (the sport’s minimal prize is $100), totaling greater than $72 million in prizes received to this point.
– Colin A. Young / SHNS
Source: www.bostonherald.com”