Lottery rakes in $997 million in profits, down from last year

It's a dip from the more than $1 billion pulled in during the prior fiscal year.

BOSTON (AP) — The Massachusetts State Lottery has raked in $997 million in profits for cities and towns during the 2018 fiscal year — the second-highest in the lottery’s 47-year history but a dip from the more than $1 billion pulled in during the prior fiscal year.

Lottery revenues came in at a record high of $5.29 billion, surpassing the previous record set in the 2016 fiscal year by $58 million and beating last year’s revenues by $194 million.

One reason why revenues were up but net profits slipped was the record $3.89 billion in prizes paid out to lottery winners. Payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes.

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The Lottery’s administrative costs account for about 1.9 percent of overall revenues.

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