Lottery ticket sales reached $1.27 billion in fiscal 2018.
(Indianapolis, Ind.) - Hoosiers love their lottery games.
The Hoosier Lottery had a better than expected fiscal year 2018. $1.27 billion in lottery ticket sales between July 1, 2017 and June 3, 2018 beat the projections of IGT Indiana, the private lottery operator the state contracts with.
The figure bested the company’s projection that the fiscal year sales would be $1.26 billion.
The Hoosier Lottery says the sales will allow IGT Indiana to receive a performance incentive of $9.1 million. This marks the first time the company has met the incentive since it entered a contract with the state in 2012.
Net income by the lottery was $318.2 million, far exceeding the $300 million threshold. According to the contract, the state and ICT split the overage 50-50.
A record high amount of $306 million will go to the state’s coffers, specifically the State Teachers Retirement Fund, the police and firefighters pension fund, and the Build Indiana Fund. The figure to the state has risen steadily from $205 million in 2012, the year IGT took over the lottery.
The state and IGT agreement calls for next year’s net income target to be set at $305 million.