The Hoosier Lottery's partnership with the GTECH Corporation has already proved to be a profitable one for the state of Indiana. In an announcement made on Monday the lottery reported ticket sales in excess of $1 billion for the last 12 months—the highest amount in the lottery's 25 year history.
The newly announced figures are a vast improvement on the previous record of $934 million, achieved in fiscal year 2013, and the present unprecedented level of sales is good news for the citizens of Indiana because the lottery's contribution to the state will also increase for the fiscal year 2014. The present figures indicate ticket sales should support a payment in excess of $248 million.
Hoosier Lottery Executive Director Sarah Taylor said: "The Hoosier Lottery experienced a remarkable year, and our record contribution to the State of Indiana underscores our commitment to maximizing revenue in a socially responsible way. We now have two consecutive years of record surplus revenue to the State and that's a win for everyone."
The lottery and GTECH may be a winning combination for Hoosiers, but it is still unclear whether GTECH will lose out on the deal.
The books will not be closed until Thursday, July 3, and the figures are unlikely to be audited until September, but the projected sales for the fiscal year are $1.019 billion. When GTECH teamed up with the lottery, in October 2012, the company was anticipating sales of $1.056 billion and promised to deliver a payment of $256 million to the state. If sales do not support that figure GTECH 's contract with the State requires GTECH pay the shortfall from their own funds.
