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Loto-Québec Records Increasing Revenue From Online Casino and Lottery

Posted on December 20, 2022 | 6:27 am

Loto-Québec, the provincial lottery and casino operator headquartered in Montreal, has revealed its results for the first half of the 2022-2023 fiscal year and the numbers show an increased importance for the company’s online activities.

The state-owned operator reported an increase of 35.4 percent when it comes to total revenue to 1.46 billion Canadian dollars, while consolidated net income also registered an increase of 37.9 percent year-on-year to an amount of 805.3 million Canadian dollars.

However, the results have to be put into context as the 2021-2022 fiscal year was severely impacted by the novel coronavirus pandemic. In fact, between April and June 2021 several gambling activities were completely shut down.

Loto-Québec also made a comparison with the first half of the last pre-pandemic fiscal year, and revenue and net income went up by 3.5 percent and 9.4 percent, respectively.

Moreover, the company’s cost-to-revenue ratio improved from 31.0 percent to 27.9 percent. For this improvement Loto-Québec pointed out that several cost-control efforts were made across the corporation.

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Increasing Online Appetite In Québec

The crown corporation’s latest financial figures also reveal a growing appetite for online gambling in the province. Online lottery sales amounted to 12.7 percent of the total segment revenue, while in the first half of the last pre-pandemic fiscal year that figure was just 3.4 percent.

Moreover, online casino sales accounted for 23.8 percent of the segment’s revenue, a drastic increase from the 8.9 percent that were recorded in the similar period of the final pre-pandemic year.

Overall, between the start of April and the end of September 2022, lottery sales decreased by 29 million Canadian dollars, but sales from casinos and gaming halls recorded a great year-on-year rise of 79.7 percent to 551.4 million Canadian dollars.

Jean-François Bergeron, the President and Chief Executive Officer of Loto-Québec, said that the company is “on track” to meet or even exceed its budget target for the 2022-2023 fiscal year. However, the CEO revealed that the company’s leadership remains “cautious given the changing economic context.”

SOURCE“Online revenues lift Loto-Québec figures“iGaming Business. December 15, 2022.

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