Mass. Lottery profits trailing last year's record pace

Sales were down but net profit was up at the Mass. Lottery last month, officials said Tuesday, as the source of key local aid continues roughly on par with last year's record-setting level.

Executive Director Mark William Bracken reported to the Lottery Commission on Tuesday that February sales of $478.3 million represented a decrease of $35 million or 6.8% compared to February 2023. He said the Lottery's monthly estimated profit was $101.4 million last month compared to $95.3 million a year ago.

Through eight months of fiscal year 2024, Lottery sales totaled $4.205 billion and are up $83.1 million or 2% over the same period in fiscal 2023. The Lottery's year-to-date net profit of $777.9 million is tracking an estimated $28.4 million behind last year's pace, according to Bracken's report. The Lottery has paid out 73.69% of its sales revenue as player winnings so far this budget year, compared to 72.83% for the same eight months of fiscal 2023.

In his report to the Lottery Commission, Bracken pointed out that February 2024 saw a $41.1 million decrease in scratch ticket sales compared to February 2023, when the Lottery launched its first $50 ticket.

Just after Tuesday morning's meeting, the Lottery held an event to launch its "Jaws"-themed scratch ticket, a $10 ticket that offers instant-win prizes of up to $1 million. Losers also get to enter a second-chance drawing that will offer a chance to win a trip to Martha's Vineyard next summer as part of the 50th anniversary of Steven Spielberg's classic nautical thriller.

"When you say 'JAWS', the Vineyard immediately comes to mind. So who else should have the first JAWS ticket? Massachusetts of course," Treasurer Deborah Goldberg, who chairs the Lottery Commission, said. "People are already excited about the chance to take a BITE out of the winnings."