According to the finalised Annual Report for Fiscal Year 2022 (FY22) released Thursday, the New Jersey Lottery contributed a record amount to the state’s pension system.
The Lottery generated $3.634 billion in sales and contributed $1.11 billion to the State during the fiscal year ending on June 30, 2022. Compared to fiscal year 2021, revenue decreased by 1.3% to $3,683 billion.
It was the largest contribution in its history, surpassing the previous record set in 2021. The increase in profits is attributable to Powerball’s exceptional performance, which included several enormous jackpots, and an increase in unclaimed prizes following record ticket sales in Fiscal Year 2021.
Contributions from the lottery fund the pension system for teachers, police officers, firefighters, and other public employees in New Jersey. “The Lottery set a new record in Fiscal Year 2022, surpassing the previous record set in Fiscal Year 2021.
The contribution increase contributes to the improvement of the State’s fiscal health, which benefits all New Jersey residents. Our residents have a variety of entertainment options, but playing New Jersey Lottery games is clearly their favourite.” James A. Carey, executive director, stated.
The Lottery’s largest annual expense is prizes, and last year New Jersey players won $2,209 billion from draw and scratch-off games. During FY22, 254 players won more than $100,000, with 59 receiving prizes of $1 million or more. This group consists of a $9.4 million Pick-6 winner, two $7 million Cash4Life grand prize winners, a $3.8 million Pick-6 winner, five $3 million Scratch-Off winners, and a $2.8 million Pick-6 winner.
Director of Operations Carey thanked all of the lottery’s nearly 7,000 retailers. Last year, our retailers earned a total of $213 million in commissions, averaging over $30,000 per location. “Our retailers are the face of the Lottery to the public, and we appreciate their hard work,” Carey continued.
Scratch-Offs games continue to be the primary Lottery product, with over $2 billion in sales for the second consecutive year. After introducing a third drawing on Monday evenings, Powerball had a phenomenal year, selling 241 million tickets on the strength of multiple large jackpots.
Pick-6 had a successful year after its odds of winning the jackpot were improved and the XTRA and Double Play® features were added. And players were attracted to Fast Play Progressive, as the instant draw game’s large progressive jackpots drove sales up 39.3% to $40.18 million.
Northstar NJ Lottery, the Lottery’s sales and marketing partner, met the net income targets in its contract with the State and earned an incentive payment of $19,314,696 for FY22. The Division of the State Lottery paid Northstar $23,373,282 in FY21 for achieving the net income targets outlined in the contract. Northstar is also reimbursed for its operating expenses and manages the necessary subcontracts to operate the lottery.
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