Massachusetts Lottery sees revenue and profit fall in FY 2020
The Massachusetts State Lottery has reported a year-on-year decline in revenue and net profit for the 2020 fiscal year, primarily due to the impact of the novel coronavirus (Covid-19) pandemic.
Revenue for the 12 months to June 30, 2020, amounted to $5.25bn (£4.12bn/€4.54bn), a decrease of 4.7% from $5.51bn in the corresponding period in fiscal 2019.
The Lottery said that sales were particularly hit in March, April and May, when the Covid-19 pandemic began to spread more rapidly across the state and the US. During these months, sales were down $244.6m from the same period last year.
However, the Lottery also noted that it experienced strong sales in the lead up to the outbreak of Covid-19, as well as in June when shops began to reopen across the state.
Instant ticket sales for the 2020 fiscal year totalled $3.65bn, down 0.74% from record sales of $3.67bn in fiscal year 2019. The closure of restaurants and bars as result of the pandemic also pushed Keno sales down 7.2% from a record $1.01bn to $979.0m.
Read the full story on iGB North America.