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Voltaire said:
Publishers dont gain $25 from a sale. A Gamastruta (?) article said it cost a retailer $54 for a game theyd sell for $60.

True.

As someone who worked in retail for over 10years; games, music, movies, etc have a very small markup. So Sega probably got ~$47 or so per game in gross profit. Net before payment to developer was probably closer to $42. Granted, this last part is pure speculation.