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Hoosier Lottery says profit up 16 percent from year ago

(Source: http://bit.ly/1T0IDMJ License: http://bit.ly/1PpGKT1)

INDIANAPOLIS (AP): The Hoosier Lottery says it is turning over 16 percent more in profits to state government than a year ago.

Lottery officials project a $281 million profit during the 2016 budget year that ended June 30 after record sales for scratch-off tickets and draw games because of large Powerball and Mega Millions jackpots.

The profit will allow the lottery’s private management company to avoid a penalty for a third straight year. IGT Indiana missed both its 2014 and 2015 minimum income targets, so last year the Hoosier Lottery Commission restructured the contract and lowered the $365 million penalty-triggering minimum to $270 million.

The state uses the profits for teacher and public safety pension funds and reduced auto excise taxes.

Lottery ticket sales totaled $1.2 billion.

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