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Massachusetts lottery reaches record $1.193 billion in net profit for fiscal year 2023

26 Sep 2023

(PRESS RELEASE) -- State Treasurer Deborah B. Goldberg announced today that the Massachusetts State Lottery produced $1.193 billion in net profit during the 2023 fiscal year that began 1 July 2022 and ended 30 June 2023. This is the highest net profit total in the Mass Lottery’s history, surpassing the previous record of $1.112 billion set in the 2021 fiscal year.

Mass Lottery revenues topped the $6 billion mark for the first time ever, ringing in at $6.148 billion. This bested the previous record of $5.863 billion set in fiscal year 2022.

"As we face mounting challenges in the marketplace, the Lottery continues to deliver critical resources to all 351 cities and towns throughout the state,” said State Treasurer Deborah B. Goldberg, Chair of the Massachusetts State Lottery Commission. “We thank our customers, our retail partners, and our Lottery team, all of whom play important roles in the Lottery’s success.”

Since selling its first ticket in 1972, the Mass Lottery has generated over $149 billion in revenues, awarded over $105 billion in prizes, returned over $32 billion in net profit to the Commonwealth for unrestricted local aid provided to cities and towns, and paid over $8.5 billion in commissions and bonuses to its statewide network of retailers.

“With record numbers across the board, Lottery customers, our retail partners, and every city and town in the Commonwealth were all winners,” said Mark William Bracken, the Mass Lottery’s Executive Director. “We thank Treasurer Goldberg and our Commissioners for supporting the efforts of our hardworking team at the Lottery as we strive to reach new levels of achievement.”

With 72.9 percent of all revenue returned to players in the form of winnings in FY 2023, the Lottery set a record by paying out $4.483 billion in prizes, overcoming the previous high of $4.309 billion paid out in FY 2022. Prize payouts can fluctuate from year to year based on the schedule or rate at which players cash in their prizes. In FY 2023, Lottery players won 145 prizes valued at $1 million or more, including Mega Millions jackpots of $33 million and $31 million.

The Lottery’s network of retailers earned $350 million in commissions and bonuses in FY 2023, also a record.

The Lottery’s administrative costs were two percent of overall revenues.

The Lottery announced an estimated net profit figure of $1.176 billion in July, noting that the final statement of operations would be completed in the fall.
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