After a historic third-quarter performance, Loto-Québec one-upped itself in what the company is calling an “outstanding” 2022-23.
Despite rumblings of strikes at several of its casino locations, the overseer of all things gambling in Québec produced its best yearly results since 2006. For context, that year saw the debut of the Tobacco Control Act, which the Crown Corporation says significantly impacted traffic at gaming establishments.
Overall, Loto-Québec accrued $2.999 billion in total revenues, marking a healthy $781.3 million (+35%) improvement over 2021-22. Thanks to such success, it was also able to deliver a whopping $1.597 billion in dividends to the provincial government.
Consolidated net income also rose to $1.600 billion. This number is up $456.8 million (+40%) from 2020-21, which, notably, dealt with widespread closures due to the COVID-19 pandemic.
All this follows up on Loto-Québec’s record third-quarter report.
In a statement, Loto-Québec praised its customers for showing eagerness and enthusiasm upon returning to in-person entertainment activities.
The gaming authority also streamlined its operations to the tune of an impressive expense-to-revenue ratio of 29.2%.
“Our teams came together to provide the people of Québec with the gaming and entertainment experience Loto‑Québec is known for, and their work and the overall sound management yielded exceptional results,” said Jean-François Bergeron, President, and CEO of Loto-Québec.
“We have our talented and dedicated employees to thank for being in such a good position after some difficult years. There’s a lot to be proud of when you consider that 100% of what we generate goes back to the people and province of Québec.”
As an industry leader in the Canadian casino and lottery scene, Loto-Québec is responsible for wearing multiple hats.
And, whether it be through traditional operations or community outreach initiatives, Loto-Québec certainly made its presence felt in 2022-2023.
Between lottery games, Kinzo, and network bingo, the prize pool for winners totalled $1.5 billion. Specifically, lottery games produced 107 prizes of $1 million-plus, thereby creating 84 new millionaires.
Even more encouraging, two record-setting wins were handed out this year.
First, came the largest jackpot win in Loto-Québec’s history, with just over $70 million going to a Montérégie resident.
The second record-holder, a Lanaudière local, brought in a little more than $3 million from a three-card poker table at the Casino de Montréal.
Loto-Québec credits its focus on responsible gambling to the unwavering dedication shown by its employees.
On top of establishing a strong organizational framework, the company also put its available resources to use, investing $33.6 million towards preventing problem gambling. This sum helped fund campaigns promoting responsible gambling tools offered at all gaming sites, to train employees and retailers, and to contribute to research projects.
Fuelled by its Les rendez-vous Loto-Québec program, Loto-Québec supports over 50 events and initiatives. Here, the message is to unite people across the province under a shared goal.
Further, the company made strides in reducing its environmental footprint, lowering its greenhouse gas emissions by 38.3% from 2009.
“True to our commitment to conduct our business in a socially responsible manner, we approached every decision with this lens, and paid particular attention to our gaming website. In addition to promoting the responsible gambling tools offered on lotoquebec.com, we made a concerted effort to counter the advertising of illegal gambling websites and to inform the public that ours is the only 100% legal gaming website in Québec.”
Per its news release, Loto-Québec categorizes its 2022-23 performance by results achieved in four sectors. Unsurprisingly, lottery is the first sector. It is in the name after all.
Lottery
Revenues from the lottery division amounted to $996.1 million, resulting in an $11.3 million (-1.1%) decrease over 2020-21. However, the company is still thrilled with the result considering it was following up a record-setting year.
On a more positive note, online revenue sales grew to $124.2 million, a $6.3 million (+5.4%) increase. Moreover, this figure now represents 12.5% of the sector’s total revenues, up from 4.2% in 2019-20.
Casinos and gaming halls
This sector saw the highest increase, percentage wise, of any in 2022-23.
Therefore, it’s easy to understand why the casino and gaming halls group recorded its best ever year, with revenues of $1.1 billion. This figure grew by $444 million (+67.6%) over the previous fiscal year, which once again, had been impacted by closures.
Online casinos experienced a modest increase in revenues, jumping up $4.6 million (+1.7%) to $269.9 million. As such, they now account for 24.5% of the sector’s total revenues, compared to 10% in 2019-20.
Casino establishments
The gaming establishments branch consists of video lottery terminals in bars, event betting, Kinzo, and bingo networks. Together, the gaming catalogue generated $922.2 million, culminating in a $362 million (+64.6%) increase from the previous year.
Online gambling
The company’s online offerings fared well in 2022-23, seeing moderate increases across the board.
Revenues from Lotoquebec.com reached $403.9 million, a $13 million improvement (+3.3%) from 2021-22. This total accounts for 13.5% of Loto-Québec’s total revenues.
Comparatively, while the brick-and-mortar establishments suffered from pandemic closures, the website, as expected, experienced heightened traffic.
https://www.playcanada.com/news/loto-quebec-fy-2022-23/