New York lotteries generate $63.9 million in tax revenue

Finance News

The New York State Gaming Commission says the ever increasing lottery jackpots from the Mega Millions, Powerball and NY LOTTO, have generated $63.9 million dollars for both New York schools and lottery retailers in the state.

“Multiple massive jackpots mean more opportunities to win life-changing money while benefiting New York’s public schools,” said Gaming Commission Chairman Brian O’Dwyer. “Even if a New York player’s numbers don’t get called, every ticket purchase is a win for New York State’s taxpayers and businesses.”

As of yesterday, sales for jackpots have generated a combined $55 million for public schools in the state and sales for the tickets of the three games generated $8.9 million in commission for lottery retailers. A majority of the lottery retailers are small businesses, the Gaming Commission says.

The Gaming Commission continues on to say the New York State Lottery continues to be the country’s largest and most profitable lottery with $3.7 billion in lottery aid to education for the fiscal year 2022-2023.