Massachusetts Lottery Suffers YOY Sales And Net Income Decrese

As recorded by iGB, the Massachusetts State Lottery posted a year-on-year decrease in sales and net income for the 2020 fiscal year, with COVID-19 being listed as a major contributing factor by the organisation.

The lottery reported that in March , April and May, due to the ongoing pandemic with sales in those specific months , the company recorded $244.6 million less than last year’s corresponding period , high revenue impacts experienced.

As a result, revenue for the 12 months up to June 30 2020 saw the lottery record $5.25bn, a 4.7 percent decline from its $5.51bn generated in 2019 season.

More encouragingly, the lottery operator noticed that it had high sales rates both in the months leading up to the COVID-19 outbreak in the US and in June, thus coinciding with the state-wide reopening of establishments.

Michael Sweeney, executive director of Massachusetts Lottery, was quoted as saying: “From the early stages of the pandemic, the Lottery has been committed to operating within the guidelines recommended by state and federal officials, taking significant measures to create a safe environment for Lottery team members and the public.

“More important than setting records across the board last year, we faced significant operational challenges and overcame them.”

Instant ticket revenues for the 2020 fiscal year totalled $3.65bn, down 0.74 percent from record sales of $3.67bn in fiscal 2019, with draw-based games like Mega Millions (down 50.9 percent) and Powerball (down 47.1 percent) also seeing a cumulative revenue drop of around $141 m year-on-year.

In the report the Commission Treasurer, Deb Goldberg, stated: “Our top priority during these unprecedented times has been the health and well-being of our employees and customers.

“I am grateful for our loyal customers and proud of the work the Lottery team and dedicated retail partners have done to adjust operations in order to continue to generate essential local aid. At a time when we face mounting challenges, these resources are even more critical for our cities and towns.”