Michigan lottery profits at record levels, thanks to Club Keno

Sep 22, 2005, 9:01 am (5 comments)

Michigan Lottery

Club Keno is a winner, at least for the Michigan state treasury.

The 2-year-old lottery game has bumped Michigan Lottery revenues over $2 billion mark for the first time in its 33 years. Last year, the lottery took in $1.97 billion.

Club Keno will gross about $330 million in the fiscal year ending Sept. 30, says Lottery commissioner Gary Peters. That is 16 percent of total lottery sales.

Net lottery profits for the fiscal year will top last year's record $645 million dollars, Peters told the Detroit Free Press for a story Thursday.

All lottery profits are earmarked for the School Aid Fund to benefit Michigan public schools.

Lottery profits account for about 5 percent of all state spending on schools.

Club Keno will contribute $82.5 million to the School Aid Fund. The state estimates that an expanded Club Keno game next year will add $13 million more to state coffers.

Michigan and 10 other states allow Keno in bars, restaurants, bowling alleys and horse racing tracks that serve alcohol.

AP

Comments

MichiganHopeful's avatarMichiganHopeful

Now, if only we could get a Mega Million Jackpot winner around here. We have not had a winner in a long time. I miss the days of the original Big Game when there were only six states and Michigan got winners all the time!Sulk Off

CASH Only

Hopeful:

Sure you miss the Big Game, but I doubt you want to go back to annuity-only jackpots. The Big Game cash option began in early 1999.

Bradly_60's avatarBradly_60

We did just have a winner back in April for over $200 million....which isn't nothing small. 

But I agree....I remember the days when we and Illinois seemed to always have the big winners.

Both games (PB and MM) had over doubled the odds of the game in the past couple years.  Will there be more increases in the future?

Brad

JimmySand9

We did just have a winner back in April for over $200 million....which isn't nothing small. 

But I agree....I remember the days when we and Illinois seemed to always have the big winners.

Both games (PB and MM) had over doubled the odds of the game in the past couple years.  Will there be more increases in the future?

Brad

It's inevetible, but not for another couple of years. Savor the moment, because 1 in 175,000,000 odds will start looking pretty good in 2007.

Rip Snorter

Nice game, Michigan Keno.  Hope some other states, particularly NM, see the success there and adopt a Keno game.

Jack

End of comments
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