Zoe Sharp
In March, the sale of instant lottery tickets experienced an exceptional surge, boosting the financial performance of the Lottery three-quarters of the way through the fiscal year. This Tuesday, Interim Executive Director of the Massachusetts Lottery Mark William Bracken said that scratch tickets worth a total of $366.4 million were sold last month, about $57.5 million more than in March 2022. The Lottery reported that its gross sales totaled $519 million in March this year, representing a significant growth compared to the same period last year.
Scratch Tickets are among the Most Popular Lottery Products in Massachusetts
The Massachusetts Lottery seems to be growing rapidly, and figures come to prove this. According to Interim Executive Director Mark William Bracken, the Lottery sold $366.4 million worth of instant tickets last month, pushing the Lottery sales for the month to over half a billion. But the only games that did not experience a decrease in sales were Mega Millions and Lucky for Life compared to March 2022.
Instant tickets are the most popular product the Lottery offers, usually accounting for 65% to 70% of all sales. Throughout much of the fiscal year 2023, instant tickets sold more slowly than in the previous year. However, the sales surge in March pushed the year-to-date instant ticket sales to $51.3 million, or 1.7% more compared to the same period of fiscal year 2022.
The Lottery’s gross sales through the first nine months of the fiscal year reached $4.64 billion, which marks an increase of $168.2 million or 3.8% compared to the same period last year. Much of this growth can be attributed to higher sales of draw games due to record jackpot offerings in the winter.
According to Bracken, the Lottery’s net profit is approximately $909 million so far, which represents a year-on-year growth of about $73.4 million. Interestingly, the Massachusetts Lottery returns net profits to the Commonwealth in the form of local aid distributed among all 351 cities and towns.
Massachusetts Lawmakers Consider Allowing the Lottery to Go Online
As reported several days ago by BonusInsider, Massachusetts legislators are now discussing whether to let the Lottery offer its products online. According to some lawmakers, if the Lottery goes online, it will be able to compete with for-profit casinos and sports betting apps.
Proponents of the proposal explained that profits generated by the Lottery benefit Massachusetts residents, and by extending the Lottery’s operations online, more funds will be pumped into the economies of Massachusetts cities and towns. Legislators projected that if the state authorizes the Lottery to sell its products online, it will generate $200 million in tax revenues a year, and the funds would go to aid childcare centers.
But the proposal was not welcomed by retailers, who were worried about their revenues. Last year, convenience and liquor stores generated over $330 million in revenue thanks to the instant lottery tickets. Store owners explained that people who purchase scratch tickets usually buy other things, too.