BOSTON (WWLP) — State lottery sales are up, but profits are down. Still, Treasurer Steve Grossman says you wonâ€™t hear any lottery winner complaining.
The money being paid out to lottery winners is higher than months past, and that is leading to a $19 million drop in net profits for the month of August, compared to the same time last year. For every $100 received in tickets sales in July and August, an average of $74 has been paid-out to winners.
Grossman, who oversees the state lottery, says profits should bounce back over a full year period.
â€śSo weâ€™re down a little bit in the profits from the first two months of last year, but our sales are up by more than $44 million dollars through September 20, so weâ€™re having a very good year,â€ť Grossman said, â€śand I would never want to read into the first two months a trend for the whole year.â€ť
During the last fiscal year, which ended June 30, the Lottery reported a $30 million increase in net profits, for a record total of $981 million.
Grossman says the real winners of the Lottery will be cities and towns across the Commonwealth, as theyâ€™ll receive a bulk of the Lottery profits.
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