Loto-Quebec Posts Its Results for the First Quarter of 2019-20
The provincial crown corporation Loto-Quebec posted its latest financial results for the first quarter of fiscal 2019-20, revealing the company generated C$656.1 million in revenue during this period.
In addition to this, Loto-Quebec recorded a net income of C$337.4 million, while at the same time paying out around C$65 million in prizes during the quarter, setting a new record for the monopoly.
Numbers Tell the Full Story
Loto-Quebec used the latest figures to evaluate its performance and set new goals, while the number offers a detailed insight into the company’s achievements in the provincial gaming market.
During the first quarter, which ended on June 24, Loto-Quebec’s lottery vertical managed to generate around C$215,974 in revenue. This represents an 11.6% drop when compared to the corresponding period of the previous fiscal year when the company earned C$244,391. The smaller number of Maxmillions prizes was cited as the main reason behind this decline, as its number was only 32 in Q1 2019-20. A year ago, a number of additional Maxmillions prizes reached 199, leading to bigger revenue at the end of the quarter.
It should be noted that during the quarter Loto-Quebec paid out C$65 million in jackpots to lucky players across the province. Casino venues remained the most popular location for a large number of punters, with revenue of C$213,018. However, that number represents a decline when compared to the previous year, when this vertical generated $213,511 in revenue.
Casino locations saw a 1% increase that demonstrates players still prefer brick and mortar casinos and their offer. When it comes to other gaming venues, such as bars, their revenue during this period reached C$232,623, which also represents a drop when compared to the results from the same period of 2018-19.
Bingo Halls Are More and More Popular
At the same time, gaming halls saw their revenue go up by 4.1% over the results from the first quarter of the previous fiscal year. The popularity of bingo halls also increased, going up by 16.5%. The numbers indicate players in Quebec were very much drawn to electronic bingo – or e-bingo – during these three months.
The company has been modernizing its bingo offering over the last couple of years, focusing its attention to a younger audience. Players in the province have shown they prefer Kinzo locations, which generated 13.4% more revenue during the latest fiscal period. The numbers also reveal the monopoly’s online gaming offering had a fantastic quarter, with its revenue going up by 23.8%.
Loto-Quebec’s Espacejeux.com website was the favourite online gaming location for a large number of Quebec residents, which resulted in its revenue jumping to C$5.6 million. Earlier this year, the company posted its results for the fiscal 2018-19, revealing a 23.2% rise in revenue or C$105.4 million when translated into hard currency.
The report also revealed Loto-Quebec spent nearly C$2.6 million on online advertising during this quarter.
Commenting on the recent performance, President and CEO Lynne Roiter said the company’s total first-quarter revenues had increased by 11.9% since 2015-16, with the net income going up by 23.4%, to which all sectors had contributed.