$26M profit for Lotteries body
PA Wellington The Lotteries Commission made a profit of $26.4 million in its first 10 months, its annual report shows. The commission’s chief executive, Mr David Bale, said in an accompanying press release that the success of Lotto, which was “beyond all predictions,” helped produce the profit. As a result, $2l million was transferred to the Lottery Board for distribution to charities, arts and sports groups. The commission’s total income to March was $166 million. Lotto ac-
counted for $146.6 million and the Golden Kiwi lottery for $19.6 million. Of the total income, $90.1 million was spent on prizes and $15.4 million paid to the Government Mr Bale said the performance of the Golden Kiwi lottery was undermined by the launch of Lotto. Golden Kiwi ticket sales were last year down almost 25 per cent. The estimated percentage of the population buying Lotto tickets (based on an average 1.25 entries per person) grew from 14.6 per cent initially to 28 per cent at March 31.
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Press, 25 August 1988, Page 8
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170$26M profit for Lotteries body Press, 25 August 1988, Page 8
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