The Massachusetts State Lottery reported a net profit of $1.105 billion for the Commonwealth during the 2022 fiscal year, which began on July 1, 2021, and ended on June 30, 2022. State Treasurer Deborah B. Goldberg announced that this is the second consecutive year that the Lottery breaks the $1 billion mark. However, the number is slightly down from last fiscal year’s record high profit of $1.112 billion.
Lottery revenues rang in at a record high of $5.863 billion, topping the previous record of $5.828 billion set in the fiscal year 2021. It is the eighth year in a row that revenues have eclipsed $5 billion.
“Celebrating its 50th anniversary this year, the Lottery continues to deliver critical resources to all 351 cities and towns in Massachusetts,” said Goldberg, Chair of the Massachusetts State Lottery Commission. “We thank our customers, our retail partners, and our Lottery team members, all of whom play important roles in the Lottery’s success.”
Since selling its first ticket in 1972, the Lottery has generated over $143 billion in revenues, awarded over $100 billion in prizes, returned over $31 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8 billion in commissions and bonuses to its statewide network of retailers.
$1.105 Billion in net profit for the Commonwealth in 2022! Read more at https://t.co/vsXgDvqEJd pic.twitter.com/TdJRIRQpGJ
— Mass. State Lottery (@MAStateLottery) September 27, 2022
“With record-setting sales and prizes, and over $1 billion returned to communities again this year, Massachusetts is a state of winning for Lottery players, our retail partners, and every city and town in the Commonwealth,” said Mark William Bracken, the Mass Lottery’s Interim Executive Director.
With 73.5% of all revenue returned to players in the form of winnings in FY 2022, the Lottery set a record by paying out $4.309 billion in prizes, surpassing the previous high of $4.283 billion paid out in FY 2021. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes. In FY 2022, Lottery players won 196 prizes valued at $1 million or more, including 29 prizes valued at $2 million or more.
The Lottery’s network of retailers earned $335 million in commissions and bonuses in FY 2022, also a record, surpassing the previous high of $333 million set in FY 2021. Additionally, the Lottery reported that its administrative costs were less than two percent of overall revenues.
According to the lottery, 19 cents of every dollar spent on tickets goes to the state’s 351 cities and towns. Seventy-three cents are paid out in prizes to players, six cents go to retailers and 2 cents are used to run the lottery.
The Lottery announced an estimated net profit figure of $1.102 billion in July, noting that the final statement of operations would be completed in the fall.
