The Massachusetts State Lottery sent out an estimated an estimated $1.157 billion in net profit back into the state in the 2024 fiscal year, State Treasurer Deborah Goldberg announced Tuesday — the second highest profit the 52-year-old state lottery has ever turned.
“I am proud of our team’s performance as we faced mounting challenges in the marketplace,” said Goldberg, Chair of the Massachusetts State Lottery Commission, thanking retail partners and customers. “Because of everyone’s efforts, we are able to provide critical local aid to all 351 communities throughout the state.”
The net profit comes out of a record total lottery revenue of about $6.165 billion, outpacing the previous record of $6.165 billion set in fiscal year 2023.
The lottery also set a new record for prizes awarded in fiscal year 2024, paying out a monumental total estimated at $4.525 billion. The previous record set in fiscal year 2023 came to $4.483 billion. In fiscal 2024, nearly three-fourths of the lottery revenue was returned to players in prizes.
“This is life changing, we will make the most of it, and will have some fun!” said Erin Cobb of Pembroke in a release announcing her $1 million win off a Massachusetts State Lottery JAWS instant ticket game.
The Pembroke native said she planned to invest some of the money and go on a family vacation.
The Mass Lottery, founded in 1972, has “generated over $155 billion in revenue, awarded over $109 billion in prizes, returned over $33 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8.8 billion in commissions and bonuses to its statewide network of retailers,” according to the state.
The state launched legal online sport in March of 2023, posing a potential new challenge to the lottery.
The state set the current record for lottery profit in the fiscal year 2023, raking in $1.193 billion.
The lottery profit and revenue figures are expected be finalized by the end of September, the Treasurer’s office said, but totals are not expected to “change substantially.”
Throughout the year, 160 players won prizes of $1 million or higher, the state said, including 141 instant ticket prizes, 11 Powerball prizes, four Mega Millions prizes, three Megabucks jackpots and one $1 million Holiday Raffle prize.
James Jorgensen of Northborough, who won $5.37 million Megabucks jackpot prize, said the “best thing” about winning the prize was winning on the unofficial Star Wars holiday May 4 as a huge fan of the movie. Jorgensen said he planned on buying a home and paying for his children’s college tuition.
Lottery retailers also broke a record from the previous year as revenue and prizes soared, earning about $350.7 million. Administrative costs made up 2.2% of overall revenues in the year, according to state figures.
Keno tickets saw record sales throughout the year, the state reported, and Powerball and Mega Millions jackpots topped $1 billion five times throughout the year.