Indiana lottery expected to send $370 million surplus to state

(INDIANA CAPITAL CHRONICLE) — The Hoosier Lottery projects it’ll send more than $368 million in surplus revenue to the state of Indiana, an increase from last year, according to presentations given at a Wednesday meeting.

That’s 10%, or $32 million, more than the lottery originally budgeted to deliver.

“(Fiscal year) 2024 was another outstanding year in performance and operation. It showed us that we remain healthy and that the Hoosier Lottery continues to be well positioned for success,” said Donald Redic, who spoke on behalf of the lottery’s contract operator, IGT Indiana. The company handles product development, marketing, sales and distribution services.

The lottery expects to have earned an eye-popping $1.7 billion in revenue by July, which marks the end of its fiscal year. It’ll have paid out $1.1 billion in prize expenses by then, according to the preliminary and unaudited data.

And, because the lottery surpassed its financial goals, it’s expected to pay IGT Indiana an incentive payment of $20 million. If it had come up short, the performance-based contract would’ve required the operator to hand over a shortfall payment.