Loto-Quebec Annual Report Reveals Strong Online Performance
The provincial crown corporation Loto-Quebec has posted its annual report, revealing impressive results.
Loto-Quebec has proudly announced that the company has managed to generate more than C$100 million in online revenue for the first time ever.
Revenue Going up
The report for the fiscal 2017-18 shows the corporation has generated a total of C$3.77 billion in revenue during the twelve-month period ending on March 31, 2018. This represents a rise of 3.7% when compared to the previous fiscal year, with net profits jumping by 8.5% to C$1.33 billion.
Online is the place to be, which is clearly demonstrated by the results of Loto-Quebec’s iGaming site EspaceJeux.com, which recorded C$118 in revenue during the last fiscal period – and improvement of 37.5%. At the same time, online lottery sales grew by 34% to C$53.7 million, while online casino took home C$64.3 million, 40.6%more than in the previous fiscal year.
Online results also look good when compared to the numbers made by other provincial gambling sites in Canada. Both British Columbia and Ontario have recently revealed their annual figures, while their sites earned C$157.6 million and C$58.4million, respectively.
A lot of efforts was put into the company’s online platform this year, ensuring the customers have a place for one-stop shopping for all product offered by Loto-Quebec. Its line-up of products includes lotteries, poker, casino games, bingo, and sports betting. The company pointed out its offering of games through online and land-based represented a part of the new strategy titled ‘brick and click’.
Customers can also be satisfied with the latest fiscal period since those luckiest among them enjoyed hefty payouts online. A total of 25 Loto-Quebec players won payouts worth more than C$100,000 at EspaceJeux in 2017-2018. The biggest winnings were delivered in July last year, when a Powerbucks progressive slots jackpot of C$1.22 million was paid out to a lucky punter, while a woman from Lanaudière hit a record-breaking Powerbucks jackpot last month, worth C$1.75 million!
What about the Future?
However, the solid results of the online vertical don’t mean the company’s future looks safe since it depends (at least to a certain extent) from the provincial government’s plans to block foreign-based gambling websites. Such a move, although unconstitutional, would effectively eliminate EspaceJeux’s competition.
When it comes to Loto-Quebec’s Mise-o-jeu parlay sports betting product, little is known about its performance during the last fiscal year. The company did reveal that simplified Express bets, launched during the 2016-17 fiscal year, added additional $400,000 to 2017-18 revenue of this vertical.
Other verticals also recorded a rise in revenue: the mainstay lottery operations went up by nearly 3% to C$1.88 billion, gaming establishments (video lottery terminals in bars, bingo halls, etc.) grossed C$1 billion – 1.3% more, while four land-based casinos operating in the province recorded a combined revenue increase of 8.1% to C$907 million.
Founded in 1969 and headquartered in Montreal, Loto-Quebec is a government corporation whose mandate is to operate games of chance in the. The corporation has been given new mandates over the years, which led to a diversification of its activities. Today, Loto-Quebec employs around 6,500 people, including nearly 4,500 in its casinos.