NH Lottery revenues rise but fall below estimates
CONCORD — For the first time since 2006, New Hampshire Lottery revenues have grown.
In figures released earlier this week, although unaudited, lottery profits for the recently completed 2012 fiscal year were $66.6 million, up $3.5 million from the 2011 fiscal year.
“Our yearly profits are up about 8 percent and our gross sales are up 11 percent when you compare fiscal year 11 to fiscal year 2012,” said Charlie McIntyre, executive director for the Lottery Commission. “This is the first growth in over five years.”
Despite the growth, lottery revenues did not meet lawmakers' expectations.
Budget writers expected lottery returns to be higher at $70 million.
While the Lottery Commission has successfully pushed to increase revenues from instant tickets, gross revenues have suffered since Massachusetts added PowerBall to its offerings.
Others blame a two-year, 10-percent tax on gaming winnings that was repealed last year for hurting lottery revenues.
In any event, until the 2012 fiscal year, lottery revenues had been going steadily downward since they hit their peak in the 2006 fiscal year at just under $82 million.
The following year lottery revenues dropped off to $80.5 million and then plunged in 2008 to $75.5 million. Another significant drop occurred last fiscal year when revenues were $62.2 million, down from $66.2 million in fiscal 2010. Lottery proceeds help fund education.
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