Loto-Québec on Track to Achieve Its Fiscal Year Objectives Despite Different Challenges

As the fiscal year 2023-2024 progresses, Loto-Québec has announced a strong performance for the first three quarters, achieving substantial revenues and net income. Between April 1 and December 25, 2023, the Quebec iGaming regulator reported earnings amounting to CAD 2.111 billion and a net profit of CAD 1.076 billion, successfully meeting its set objectives in a period marked by economic uncertainties and challenges affecting optional spending in Québec.

Written by Meri Zimic Published in Quebec Gambling Quebec Casino News 4 minute read February 29, 2024

Jean-François Bergeron, CEO of Loto-Québec, discussing fiscal year objectives

Strategic Management and Major Operational Highlights

Jean-François Bergeron, President and CEO of Loto-Québec, expressed gratitude towards the dedicated teams whose efforts have significantly contributed to the corporation's impressive financial performance. Bergeron stated in a recent press release, that Loto-Québec's progress towards the annual goals, even amidst challenging economic conditions, is proof of the team's hard work and commitment.

Loto-Québec's strategic initiatives and goals have been notable, including the announcement of a new hotel project adjacent to the Casino de Montréal. This development aims to enhance the casino's reputation as a leading entertainment venue in the Canadian province. Furthermore, Loto-Québec has been recognized for its commitment to responsible gambling. It received the World Lottery Association’s Level 4 certification for the fifth time, emphasizing the corporation's ongoing efforts in promoting responsible gambling practices in the growing Quebec iGaming sector.

Financial Performance in Quebec Across Different Gaming and Gambling Sectors:

The corporation's financial success is reflected across its various sectors:
Lottery products generated revenues of CAD 668.8 million.
Casinos and gaming halls brought in CAD 797.9 million.
Gaming establishment sector achieved CAD 659.3 million in revenues.

Community Engagement and Corporate Social Responsibility

Loto-Québec's impact extends beyond these achievements, with significant contributions to community and social initiatives. The corporation has awarded 69 prizes of CAD 1 million or more during this fiscal year, with CAD 389.2 million paid out to winners in the third quarter alone. The cumulative prize payouts since the start of the fiscal year total CAD 1.136 billion.

Additionally, the construction of a new 200-room hotel at the Casino de Montréal aims to complement Parc Jean-Drapeau's unique character. This project has amassed support from many industry partners and government representatives, showcasing Loto-Québec's commitment to economic and environmental sustainability.

The corporation has also launched Arcade in collaboration with Moment Factory, offering an innovative, skill-based gaming experience at the Casino de Montréal. This initiative, along with various charitable contributions through the Giving Back Is a Win-Win Program, highlights Loto-Québec's dedication to responsible entertainment and community support.

Canadian Provinces Record Remarkable Growth in Gaming and Gambling Revenues

In the last fiscal period, Canadian provinces reported substantial growth in the gaming and gambling sectors, with British Columbia and Ontario setting new records and demonstrating significant economic contributions for the Canadian gambling market.

The British Columbia Lottery Corporation and Its Success in the Last Fiscal Year

The British Columbia Lottery Corporation (BCLC) announced a staggering net income of CAD 1,636 million for the fiscal year 2022/23, surpassing its previous record set before the pandemic. This resulted in CAD 1,624 million being allocated to the Province of British Columbia, supporting a wide range of public services, including education, healthcare, and cultural initiatives. An additional CAD 12 million was directed to the federal government, emphasizing the sector's vital role in funding essential programs and services across the Canadian province.

iGaming Ontario and the Latest Financial Reports

Ontario, regulated by the Alcohol and Gaming Commission of Ontario (AGCO) and its subsidiary iGaming Ontario, also saw impressive gains in its gaming revenue, which increased by 22% in the third quarter ended December 31, 2023, reaching CAD 658 million. This growth reflects the province's successful regulation of online gaming, which began in April 2022, attracting major operators such as PointsBet, PlayOJO, Rush Street Interactive, Bet365, and FanDuel. Player spending surged by 21.1% during the third quarter, with online slots and other casino games, betting, and peer-to-peer poker all contributing to the revenue increase.

The rise in gaming revenue in Ontario emphasizes the province's dynamic and growing market and reflects a trend of increased digital gaming engagement among Canadians. The number of active player accounts and the average monthly spend per account have both risen, indicating a growing consumer base and higher engagement levels within the regulated online and land-based gaming environment.

Our Take: The Québec Gambling Industry - What the Future Holds?

Loto-Québec's achievements are indicative of the broader resilience within the Québec gambling industry. Despite facing economic pressures, the industry continues to innovate and thrive, with Loto-Québec leading the way in responsible growth and community engagement.

As the fiscal year nears its conclusion, Loto-Québec's strategic management and diverse initiatives set a positive example for the industry, contributing to its sustainability and the welfare of the Québec community, and as everybody else, we cannot wait to see what the future holds for the growing market.

The team at QuebecGambling.ca views Loto-Québec's performance over the past three quarters as not only a financial success but also a hallmark of operational excellence and commitment to responsible gambling. The extension of the Level 4 certification by the World Lottery Association for an additional three years is a significant achievement that underscores Loto-Québec's dedication to upholding the highest standards of responsible gambling practices.

This is a reflection of the corporation's continuous efforts to balance profitability with social responsibility, setting a commendable example for the gambling industry not only in Québec but across Canada.

Loto-Québec's success story during this fiscal period is a proof of how strategic management, innovative projects, and a steadfast commitment to responsible gambling can drive an organization forward, benefiting the community and the industry at large. QuebecGambling.ca applauds Loto-Québec for its achievements and looks forward to observing its continued progress and contributions to the gambling sector in the province.

Sources: LotoQuebec.com, BCLC.com, iGaming Ontario, 2, 3

Meri Zimic - Author

Since 2016 Meri Zimic is the Head Content Publisher on QuebecGambling.ca and other GambleSites Network websites. Meri's time is focused on casino & betting site comparisons, along with casino game, software and welcome promotion breakdowns. Although not Quebecois, she specializes in all provincial iGaming markets.