Business
6:42 pm
Fri December 6, 2013

Michigan Lottery reports record sales, lower profits

LANSING, Mich. (AP) - The Michigan Lottery had record sales in the most recent fiscal year, but profits for schools declined from a year ago.

The lottery on Friday reported nearly $2.5 billion in sales and $734 million in revenue for public schools. It says the contribution to schools was down 5.7 percent from a record-high payment in 2012 because of larger payouts to players.

The bigger prizes primarily helped people who played instant games, the Daily 3 and Daily 4 games, and Powerball. Lottery officials say the record sales were fueled primarily by instant games and Powerball.

Ticket prices for lottery games range from 50 cents to $20. Prizes range from $1 to multimillion jackpots.

About 97 cents of every dollar spent on Lottery games goes to schools, prizes and commissions to retailers.