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Michigan lottery profits at record levels, thanks to Club Keno

Michigan LotteryMichigan Lottery: Michigan lottery profits at record levels, thanks to Club Keno

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

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5 comments. Last comment 11 years ago by Rip Snorter.
Page 1 of 1
MichiganHopeful's avatar - WINGS

United States
Member #547
August 8, 2002
134 Posts
Offline
Posted: September 22, 2005, 4:02 pm - IP Logged

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


    United States
    Member #379
    June 5, 2002
    11296 Posts
    Offline
    Posted: September 22, 2005, 6:09 pm - IP Logged

    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 avatar - disney37
      Atlantic Mine, Michigan
      United States
      Member #416
      June 23, 2002
      1614 Posts
      Offline
      Posted: September 23, 2005, 12:23 am - IP Logged

      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

        Avatar

        United States
        Member #1826
        July 11, 2003
        2645 Posts
        Offline
        Posted: September 23, 2005, 12:28 am - IP Logged

        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.

        (insert signature here)

          Avatar
          New Mexico
          United States
          Member #12305
          March 10, 2005
          2984 Posts
          Offline
          Posted: September 23, 2005, 8:01 am - IP Logged

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

          Jack

          Absorb the good, ignore the bad, weigh the ugly.

          It's about number behavior.

          Egos don't count.

           

          Dedicated to the memory of Big Loooser