Massachusetts Lottery Celebrates Record $981 Million Profit
BOSTON (AP) — It was a record-breaking year for the Massachusetts Lottery.
State Treasurer Steven Grossman said Tuesday that the lottery pulled in an estimated $981 million in net profit during the state fiscal year that ended June 30.
That was the highest profit in the lottery's 40-year history, eclipsing by $30 million the previous record set in fiscal year 2006.
Lottery officials say the record-breaking profit was also $87 million above what was initially projected for the 12-month period. Lottery proceeds are returned to Massachusetts cities and towns as unrestricted local aid.
In total, lottery sales in the last fiscal year reached $4.7 billion, surpassing the previous record set in fiscal year 2008 by $31 million.
Grossman, who serves as lottery chairman, credited "new game introductions, strategic marketing and prudent management."
Copyright 2012 The Associated Press.
