Hoosier Lottery officials are announcing that the organization is on pace for record breaking numbers in revenue. Per Indiana Economic Digest:
The Hoosier Lottery is on pace for a record revenue year, thanks in part to to higher Powerball ticket prices and jackpots. The lottery projects that revenue for its 2013 fiscal year ending June 30 will be $945 million, about 9.5 percent more than last year’s record of $855.6 million. The impact on Indiana coffers won’t be as impressive. Lottery officials are forecasting net income at $227.6 million, about $200,000 more than last year’s result.
There is one catch to the whole record breaking revenue celebration though…..
One reason the record sales won’t bring more income to the state for the fiscal year is that the lottery is spending about twice as much as it did last year on advertising and promotion—nearly $23 million. The commission forecasts total operating expenses will come in at $716.5 million, more than 10 percent higher than last year’s $645 million.
I still think a better investment than Powerball tickets is this. It just lacks the excitement.