Just two years after Gov. Chris Christie privatized New Jersey’s lottery, its revenue projections continue to fall.
New Jersey’s treasurer is lowering revenue projections for fiscal year that ends June 30 from $1.037 billion to $955 million.
Officials did not say specifically how much the expected revenue had dropped during an Assembly budget hearing and attributed the decrease to industry-wide trends.
State documents, however, show that initial revenue forecasts projected $1.037 billion in revenue for the current fiscal year, but Christie’s 2016 proposal reflected lower receipts at $955 million, according to the Associated Press.
The drop continues a trend. In 2013, the lottery earned $1.09 billion while in 2014 it brought in $965 million.
State officials said the lottery is facing increasing competition from other games and that demographic shifts are affecting customers’ behavior. The lottery also has had few large jackpots this year to attract interest.
Proceeds from the lottery go toward education, the state’s Department of Human Services as well as the Department of Military and Veterans Affairs.
