Loto-Quebec Reveals Latest Results, Online Leads the Way
Quebec’s provincial crown corporation Loto-Quebec announced the results for the first half of the current fiscal year.
According to available information, Loto-Quebec recorded a rise in online gambling revenue of around 33% in this period.
Earlier this week, the provincial gambling monopoly revealed a 4.6% increase in overall revenue during the six-month period ending on September 25, amounting to C$1.394 billion. Net income was up by 6.3% when compared to the previous fiscal period to C$721.6 million.
Numbers on the Rise
When it comes to the individual products, lottery revenue recorded a 15.6% increase to C$467 million, casino revenue pretty much stayed the same at C$453.7 million, while the “gaming establishments” segment went down by around 1% to C$485.5 million. The lack of interest in video lottery terminals in bars, clubs and bingo halls was cited as the main reason for this drop.
Loto-Quebec’s Espacejeux online gambling site generated 32.6% more money than in the previous fiscal years, with its revenue reaching C$49.3 million.
Online lottery saw a surge in popularity, taking home a total of C$14.4 million, a neat 58.7% more on a yearly basis, while online casino (including poker) improved by 245 to around C$34.9 million.
Espacejeux’s revenue in the fiscal second quarter was C$27.7m, which represents a solid 28.2% increase when compared to Q1.
Back in July, the provincial Superior Court said no to the proposal made by the local government that would force local internet service providers to blacklist domains of Espacejeux’s foreign-based competitors. The said plan, known as Bill 74, was initially given the green light two years ago.
What More Can We Expect?
The court’s ruling indicated the plan represented an unconstitutional intrusion in what had been described as “the federal government’s areas of responsibility”. And although the provincial authorities claimed the plan was aimed at protecting customers in Quebec, the court said its implementation would only increase Espacejeux’s revenue.
But, it seems Lotto Quebec didn’t quite get the message, since its semi-annual report mentions these amendments, claiming the new powers will come into effect on a date which is yet to be determined by the provincial authorities.
According to the Montreal Gazette, Loto-Quebec has decided not to renew its current seven-year contract to rent a luxury suite at the Bell Centre, home of the NHL’s Montreal Canadiens. The current contract will expire on August 31 next year.
The luxurious suite was rented in 2017-18, while the price of the rent exceeded C$315,000. Since then, the majority of other government agencies in Quebec decided to get rid of their suites, although Loto-Quebec’s Société des casinos du Québec subsidiary has a suite whose contract expires in 2021.
Loto-Quebec is a provincial crown corporation founded in 1969 with the task of conducting and administering lottery schemes and operating casino businesses in the province of Quebec, Canada.
The corporation has a wide offer of various types of games of chance, while its network of more than 9,800 retailers offers a variety of lottery products, including instant (scratch ticket) lotteries, traditional paper ticket lotteries such as the Mini, as well as online or direct access lotteries such as Lotto 6/49, Lotto Max, Quebec 49 and sports betting lotteries.