Forty-three years ago, as Connecticut officials were gearing up to sell the very first tickets for the state’s newly approved lottery, Gov. Thomas Meskill bullishly declared that residents’ appetite for legalized gambling would put $14 million into state coffers in that first year – a figure editorial writers at the Courant eyed dubiously as “optimistic.”
The paper needn’t have been skeptical. Meskill hit his figure, and in the years since the lottery’s launch on Feb. 15, 1972, ticket sales – and the state’s take of those sales – have skyrocketed.
In fiscal year 2014, lottery sales in Connecticut topped $1 billion for the fourth year in a row. That’s a hair under $400 a year for every Connecticut resident old enough to buy a ticket. Adjusted for both inflation and population, that is a five-fold increase over that first heady year. And with national surveys showing only about half the population plays the lottery, that suggests the average player is spending close to a $1,000 a year on tickets – with heavy players dropping several thousand.
As ticket sales have grown, so has the state’s share of the take, increasing from $14 million the first full year, to $319.5 million in 2014. For the last 20 years, inflation has accounted for much of that growth; since the mid-1990s, ticket sales and state revenue have been generally flat on an inflation-adjusted basis. But overall, the state has sold more than $24.7 billion since the lottery launched, keeping about a third of the money – more than $8 billion – as revenue. Continue reading