Lottery jackpot in Maryland reached $1bn
Head of the lottery said that a forecast for revenue from gambling is very good. In this fiscal year the state received from the lottery income nearly $ 1 billion. In the next fiscal year, this amount could be much higher.
Management Control lottery made a report. He said that in the next 2 or 3 years the amount of revenue from gambling can become much more than now do the calculations and predictions.
The agency plans to monitor lottery enjoy a nice few branches and small companies. This is a very good income; profit growth is increasing every month.
The management of the lottery does not want to miss the opportunity to expand their company.
This will allow the new company to have its own permanent base of customers, and create a new player base. This profit will be even more in 2017.
Maryland Governor said that the profit of $ 1 billion will improve life within the state. Lottery is the main source of income for the state, and the presence of a casino in the city allows people to thousands of jobs. Income of $ 1 billion helps to improve the education system to help schools to increase funding and improve the state’s economy.
Horseshoe Casino in Baltimore was the open fifth. Since August 2014 its revenue amounted to 236 million dollars.
Richard McGowan is an expert casino for several years. He says that the profits from the casino are always and everywhere was the best. Revenue from gambling exceeded revenues from tobacco or alcohol. If the income from the lottery was 25 billion, the income from tobacco was only 2 billion in a year.
McGowan said the State that profits from gambling will not always be this big. Over time, the situation in the game and the economy stabilizes and then gambling would not be so popular. Who profits to the State is very large, but after a couple of years, it may be different.
In the last year the state received $ 525 million from the lottery and about $ 488 million from the casino profits. In total, this amounted to more than $ 1 billion, which is 19 percent higher than in the previous fiscal year. These state revenues exceeded even the revenues from sales or taxes.
In 2014 the agency recorded special lottery sales. Prizes are paid lottery payments totaled $ 1 billion.
Sales have fallen only on instant lottery tickets. Their numbers became larger than the other scratch cards or tickets. The profit from instant tickets had been amounted to almost 547 million dollars.
Such sales could take a long position, and bring more revenue. But the problem is that opening new casinos and their main competition interfere with the state lottery to receive an adequate level of income to the treasury of the state.
Management of the state lottery makes changes. They want to increase the points of sale, thereby increasing profits. Now the state is 30 percent less profit than in other states.
Lottery Director said that this percentage could be 50 per cent more. But the lottery agency puts its forecasts. If there was no competition from other lottery companies now state income was twice as much. If you make more sales points, it is possible by the end of 2016 earnings growth will increase by 50% of those.