Treasury: State Lottery Profit Nears $900M
State Treasurer and gubernatorial candidate Timothy P. Cahill said the Massachusetts State Lottery's profits are projected to grow to nearly $900 million, creating a $49 million surplus for the lottery budget along the way.
The state's 2010 budget required the lottery to generate $848 million for a variety of uses, including local aid to cities and towns. The projected surplus will also go to public services, Cahill's office said.
At $897 million, the lottery's projected profit would be a 4.4 percent increase over the $859 million in generated in 2009.
Lottery sales are expected to hit $4.4 billion in 2010. Cahill's office said the increase is the result of the introduction of "high profit games" like Powerball and Mega Millions. The lottery will also sell more than $3 billion in instant tickets.
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