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Kayıt Tarihi: 13-Kasım-2019
Gönderilenler: 100
Gönderen: 30-Temmuz-2020 Saat 19:31 | Kayıtlı IP Alıntı xysoom

Lottery Overcomes Pandemic Slide To Post Strong Profits


Despite seeing sales plummet in March and April as the
pandemic closed many businesses and changed consumer
habits, the Massachusetts Lottery had its third-best year
in terms of revenue in fiscal year 2020 and projects that
it will return $979 million in profit to the state to use
as local aid.Get more news about
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The Lottery's unaudited accounting of the fiscal year
that ended June 30 surpassed the agency's previous
projection that it would produce $967 million in net
profit for the state in fiscal 2020, and Executive
Director Michael Sweeney said the Lottery could have
challenged the record-setting $5.509 billion in revenue
it generated in fiscal 2019 if not for the pandemic.

We really have had a phenomenal record over the last five
years of setting various records every year, either in
the area of sales or particular products or overall
products, and also on the profit side," Sweeney said.
"But I really have to say that given the unprecedented
situation that developed in March, and really the
complete need to reengineer and reformulate how we
operated the Lottery — everything from distribution to
interaction with our customers — this $979 million
profit number is actually the number that I'm the
proudest of."

Almost every Lottery product experienced a decrease in
sales in fiscal 2020, and the Lottery's overall sales in
March, April and May alone were down a combined $244.6
million compared to the same three months in fiscal year
2019. During April, Sweeney said, the Lottery had
downgraded its own profit projection to around $920 to
$925 million, but learned a lot during April and "made a
lot of internal adjustments."

The multi-state draw games — Mega Millions and Powerball
— saw the greatest sales declines in FY20. Mega Millions
sales were down $79 million, or about 51%, from FY19
while Powerball sales were down $62.5 million, or about
47%. Sweeney said that those drop-offs were primarily due
to smaller jackpot prizes for those games, a trend that
the Lottery was watching well before the pandemic took
hold this spring.

Sales of Keno — a game often played in bars, restaurants
and convenience stores — saw sales drop by $77.3
million, or more than 7%, during FY20, in large part due
to forced business closures to slow the spread of the
highly-contagious coronavirus. With restaurants operating
with limited capacity and bars closed until there is a
vaccine and/or reliable COVID-19 treatment, Sweeney said
the loss of Keno sales warrants close attention.

Keno sales have been a point of emphasis for Treasurer
Deborah Goldberg, who oversees the Lottery, and in fiscal
year 2019 exceeded $1 billion for the first time since
Massachusetts launched the game in 1993. If it weren't
for the pandemic, Sweeney said, "We were most likely on
track to have another record year for Keno sales."

Though the Lottery produced more in profit for the state
than it had been projecting, Sweeney said the Lottery is
hampered by being primarily a cash-only and in-person
business. Goldberg and Sweeney have for years been
calling on the Legislature to authorize the Lottery to
sell its products online, but lawmakers have been cool to
the idea and it has not gained significant traction on
Beacon Hill.

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