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Maryland Politics
Posted at 05:39 PM ET, 07/23/2012

Md. lottery proceeds set new record


Stephen Martino, director of the Maryland Lottery. (AP Photo/Steve Ruark)
In a still-rocky economy, Maryland lottery sales set a record last fiscal year, generating $556 million for the state budget, lottery officials said Monday.

The 7 percent jump in state proceeds over the previous fiscal year came from nearly $1.8 billion in sales, marking the 15th consecutive year that the figure has increased.

In Maryland, lottery sales are the fourth-largest source of revenue, after sales taxes, income taxes and corporate income taxes.

“Every dollar generated by the lottery is a dollar less that has to come from general tax revenues, and we are happy to have done our part this year,” said Maryland Lottery director Stephen Martino.

Martino said the program benefited from “relatively moderate” gasoline prices of late.

“Lottery sales tend to be rather sensitive to gas prices,” he said.

Lottery proceeds are tallied separately from revenue generated by Maryland’s slots program, which Martino’s office also oversees.

By  |  05:39 PM ET, 07/23/2012

 
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