The Massachusetts State Lottery says that it's on track to set a profit record this year—and that will be good news for city and town budgets.
Treasurer Steven Grossman, who chairs the Massachusetts State Lottery Commission, said today that the lottery’s projected profit for 2012 is $947 million. That's because of strong sales for the first 10 months of the fiscal year, which ends on June 30.
Lottery officials say that those projections are usually conservative. And it's a good bet that the lottery will end up breaking the past record of $951 million in profit, which was set in 2006.
“There is no doubt in my mind that the lottery is going to have a record-setting year in terms of profit—we’re on an irreversible track,” Grossman said in a statement. “This is great news for the cities and towns that depend on lottery revenue for critical local services, such as senior services, road and bridge infrastructure, and public safety.”
The new projection is $53 million higher than the $894 million the state expected the lottery would make when the state budget was passed.
The lottery generates about $4.5 billion in sales annually. Profits are returned to the state. The lottery was created to generate revenue for cities and towns.
Since 1972, the lottery has returned more than $18.8 billion in profit to the state, officials said.