Indiana makes record $306M in lottery proceeds

Posted at 1:14 PM, Aug 16, 2018
and last updated 2018-08-16 13:14:13-04

INDIANAPOLIS (AP) — The private company running most of Indiana's lottery operations has generated a record profit this past year, but still falls short of its initial goal.

Hoosier Lottery officials announced Tuesday that the lottery has transferred $306 million to state coffers for the recently ended fiscal year. That's about $6 million more than the minimum required under the state's lottery contract with IGT Indiana to avoid paying a shortfall.

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Exceeding the $300 million incentive net income threshold also earned IGT Indiana its first incentive payment under the 15-year contract. The company was paid $9.1 million.

But the record-setting profit still wasn't enough to meet IGT Indiana's initial target of bringing in $410 million by the end of June.

Lottery proceeds go toward police and firefighters' pensions and reducing auto excise taxes.