Loto-Québec Reports Growth in the 2018-2019 Fiscal Year
The provincial crown corporation Loto-Quebec has published its Annual Report for 2018-2019, revealing the company recorded more revenues and income during the twelve-month period.
According to available information, Loto-Quebec generated $2.817 billion in revenues, which translated to an improvement of 3.1% (or $84.9 million more) when compared to the previous fiscal year.
Key Figures and Performance by Sector
At the same time, its net income increased by $72.7 million to $1.408 billion – which represents an increase of 5.4%.
The report also revealed that Loto-Quebec paid $1.160 billion in prizes during the latest fiscal period, 12.9% more than in the previous one. This refers to prizes paid out to lottery, bingo and Kinzo winners
When it comes to the company’s business sectors, three out of four ended the fiscal year with growth.
Lotteries brought earned $955.7 million, improving the sector’s result from the previous fiscal period by 8.7%. With $917.9 million, casinos ended the period with a modest growth of 1.2%. Online gaming generated $105.4 million, which is 23.2% more than in 2017-2018.
Gaming establishments sector, which includes the bar network, and gaming, bingo and Kinzo halls, recorded revenue of $979.5 million – 0.2% less than in the previous fiscal year.
Commenting on the result, Lynne Roiter, President and Chief Executive Officer of Loto-Québec, pointed out that over the past five fiscal years, the company had maintained tight control over its expenses. She added the ratio of net income over revenues had also risen from 45.5% in 2014–2015 to 49.8% in 2018–2019, while all of the business sectors were contributing to the increase in net income – reflecting the efforts being made right across the Corporation.
The strong performance of Lotto Max has been cited as the main driving force behind the rise in lottery revenues. The sales of Lotto Max increased by 30.6% to more than $52.3 million during the 2018-2019 fiscal year. The instant lottery category also went up, ending the fiscal year with an improvement of 12.3%, with strong popularity of permanent games and the holiday collection.
The casino sector boasts its successful themed promotions, which drew around 10 million customers. Loto-Quebec announced the Casino de Montréal managed to improve its revenues despite various difficulties.
The drop we’ve seen in gaming establishment revenues can be attributed to the reconfiguring of the video lottery terminal network in bars, with their sales falling by $6.7 million.
The lottery and casino games generated by lotoquebec.com reached $105.4 million, which represented a solid improvement when compared to the previous fiscal year. According to the available information, the improved ease of navigation between the products had a significant impact on the sites market share.
The company’s vision was outlined in its 2017-2020 strategic plan, which focuses on the customer, strengthening the focus on gaming and entertainment, and maintaining its responsible commercialization approach. At the same time, Loto-Quebec continues to improve its work processes with the ultimate goal of optimizing convergence, agility and efficiency.
Only a couple of days after this report was published, a Montreal family won the Lotto Max $65-million jackpot, the largest lottery prize ever won in Canada.