INDIANAPOLIS (AP) — The private company running most of Indiana’s lottery operations generated a record profit this past year, but still fell short of its original contract’s goal.
Hoosier Lottery officials say the lottery transferred $306 million into state coffers during the recently ended fiscal year. That’s about $6 million more than the minimum IGT Indiana must meet to avoid paying shortfall penalties.
IGT Indiana also received its first incentive payment, about $9 million, under its 15-year state contract by exceeding the $300 million incentive net income threshold.
But the lottery’s record-setting profit still fell short of IGT Indiana’s original contract target of bringing in $410 million by 2018. That contract was renegotiated in 2015 to set new income targets.
Lottery proceeds go toward police and firefighters’ pensions and reducing auto excise taxes.