Atlantic Lottery Corporation has published its annual financial report for 2022-23, which confirms that the fiscal year was more profitable than 2021-22. The latest report confirms that the recent FY has brought in more gambling revenue after the unprecedented situation and that more bettors in the Atlantic region are starting to become fond of legal iGaming.
ALC is a state-run agency that is responsible for overseeing and offering regulated casino and lottery products in the four Atlantic provinces. In addition to that, in New Brunswick, Nova Scotia, and most recently Newfoundland and Labrador, the Crown corporation also delivers digital casino services. Prince Edward Island is the only one to not have legal iGaming.
Breaking Gaming Numbers Down
The newest financial report confirms that revenue spiked in 2022-23 from 2021-22, with Prince Edward Island clocking a net profit of CA$23.5 million or 59.7% more than the prior FY. Meanwhile, Nova Scotiaās cut increased to CA$160.4 million in 2022-23, while New Brunswickās got to CA$163.9 million, and Newfoundland and Labrador received CA$148.6 million.
Newfoundland and Labrador is the latest of the Atlantic provinces to launch regulated online gambling for its residents. This became a reality in June this year when ALC made its digital casino platform available in the jurisdiction. It was a highly-anticipated launch, as the province is the only one without land-based casinos on its territory.
ALCās iGaming operations also returned some hefty profits with revenue of CA$100.1 million or 30% better than last yearās tally. Its digital offerings include online bingo, sports betting products such as ProLine, and interactive instant games. However, Prince Edward Island is yet to tap into the iGaming potential, as the province still does not offer legal iCasino offerings.
Furthermore, Lotto Max sales reached an all-time high, despite the inflation creeping up on peopleās incomes. But that is not all, as ProLine sales were also in the green, as the sports betting portal had revenue of CA$17.2 million or 16.3% more than the previous year. President and CEO of ALC, Patrick Daigle shared that mostly younger males use the wagering platform.
In comparison, harness racing proceeds from Red Shores in P.E.I were at CA$2.1 million. Mr. Daigle however noted that it is a mature product with a limited scope and fanbase. He also noted that the summer racing cards tend to attract more people to the downtown Charlottetown restaurant and casino complex. He also cited population numbers as a reason for the increase in revenues.
Concerns Regarding iGaming Ads
At the end of August 2023, ALC shared its concerns about two large banners of Bet99 during a YQM Country Festival in Dieppe, New Brunswick. Currently, the operator is not licensed to operate in the Atlantic region. This is alarming for the CEO who shared that two-thirds of Atlantic residents are not aware that this activity is unlawful.
Source: Ryan, Carolyn āOnline gambling, casino profits brighten Atlantic Lottery’s financial pictureā CBC News, October 11, 2023
