Mass. Lottery Posts Near-Record $952 Million Profit

BOSTON (CBS) – The Massachusetts State Lottery posted a near-record profit for the state fiscal year from July 2012 to July 2013.

State Treasurer Steve Grossman reported that the State Lottery raked in $952 million in profits. It was the second largest yearly profit in the lottery's 40-plus-year history, behind only last year, when the lottery turned a $983 million profit.

WBZ NewsRadio 1030's Karen Twomey reports

"Everything we do is measured very carefully. If it's not working, we question it. If it's not working over a long period of time, we get rid of it. It's just the way you run a business," he said.

However, with casinos on the horizon, there is concern about the prospect of declining revenue.

"The lottery may do less business. The lottery may generate fewer profits. We will adjust to meet the needs of a new environment," Grossman said.

Currently, about 20 cents of every dollar spent on the lottery goes to local aid.

Grossman said he's not overly worried about the possible future decline in lottery profits. He says the lottery is ready to adjust, and he believes Massachusetts will be better off because of additional revenue and jobs that casinos will generate.

Earlier this month, Grossman declared his intention to run for governor.