Lotto profits $8M

Press, 10 September 1987, Page 1

Lotto profits $8M

PA Wellington If Lotto sales continue at the present level until March, there could be $8 million in profits for distribution by the Lottery Board. The chief executive of the Lotteries Commission, Mr David Bale, said yesterday Lotto was so popular that previous predictions that substantial profits might not flow for a year or more had been revised. The projected profit of 58 million in nine months was after writing off all preliminary expenses and costs of launching the game. It did not Include costs of the capital equipment which would be written off over a number of years, Mr Bale said. The Injection of $8 million to the Lottery Board would provide a substantial Increase to the funds available for distribution to charitable and community organisations as well as to sport, Mr Bale said. For the last two years, the board had had about 520 million a year to distribute, all profits from the Golden Kiwi lottery.