Loto-Quebec Reveals Latest Figures, Revenue Goals within Reach
Quebec’s provincial crown corporation, Loto-Quebec has published the results for the third quarter of fiscal 2018-19, revealing a year-on-year increase in revenue.
Since the start of the current fiscal year, Loto-Quebec has generated C$2.165 billion in revenue, while the net income for the first nine months of the fiscal year stands at C$1.122 billion.
The last twelve months have been marked with the company’s constant efforts to expand its offering, and these efforts have reflected in the recently revealed results, which show Loto-Quebec recorded a 7.8% rise in revenue when compared to the first nine months of the previous fiscal year. Translated into hard currency, it’s C$156.9 million more money.
Getting Closer to Its Goal
When compared to C$1.019 billion in net income, generated at the end of the first three quarters of the previous fiscal year, the latest result represents a significant improvement of 10.1%. Considering these numbers, the company’s governance can look forward to the last quarter of the fiscal year.
Commenting on the latest results, President and Chief Executive Officer of Loto-Quebec, Lynne Roiter, said that the moment the corporation seemed well on its way to achieving the net income target for the ongoing fiscal period.
Loto-Quebec targets C$1.261 billion in net revenue, and at this moment reaching this goal looks possible, especially when the pace of growth is taken into consideration. The main driving force behind this growth was the lottery, along with generous cash payouts across the province. The lottery vertical accounted for 18% of the revenue, with its contribution particularly boosted by the Lotto MAX game jackpots and the increasing popularity of instant lottery.
Lotto MAX and Live Online Casino Were Crucial
Both traditional and instant lottery tickets were equally popular among customers in Quebec, and with their popularity steadily increasing over the past few years, especially due to large progressive jackpots. Just this month, two lucky winners from the Montreal region split a staggering Lotto MAX jackpot worth C$26.6 million.
Casinos operated by Loto-Quebec made a significant contribution to the corporation’s revenue. Casino de Montreal celebrates its 25th birthday, while its wide offering attracted more guests, leading to a rise in revenue of 4.2% at the end of the third quarter.
Online gaming is becoming more and more popular among players in Quebec, and the company has been making smart moves to make the most out of this growth in popularity.
Last month, Loto-Quebec signed a new agreement with Evolution Gaming, bringing a fresh new live offering online which aims to attract new players thanks to its diverse nature. Following this agreement, online live casino action has been made available to Loto-Quebec customers and helped revenue record an improvement of 32%.
The corporation recently made an announcement stating there were four jackpots worth C$1 million still waiting to be claimed.
Loto-Quebec was founded in 1969 and was given the task to conduct and administer lottery schemes and to operate businesses which are incidental to the operation of a State casino in the province of Quebec.