Even though ticket sales are not up to par, no penalty is expected…
The private management company operating the Hoosier Lottery says it expects to sell enough tickets to avoid a penalty for a third straight year but not enough to receive an incentive bonus.
Officials with IGT Indiana, formerly known as GTECH Indiana, told the Hoosier Lottery Commission on Tuesday it is on pace to sell a record $1.19 billion in lottery tickets during the 2016 budget year that ends June 30.
The company estimates that will amount to $280.7 million in net income, which is more than the $270 million penalty-triggering minimum. IGT Indiana missed both its 2014 and 2015 minimum income targets so last year the commission restructured the contract and lowered the penalty-triggering minimum, which had been $365 million for this year.