Loto-Québec issues its financial results for the first half of the fiscal 2023-2024, confirming that the numbers are on track to meet its targets for the year. The Crown agency reported total revenue of CA$1.412 billion and net proceeds of CA$736.8 million from April 1 through September 25, 2023. It is its best performance in years, bar the previous FY.
Founded in 1969, the Crown agency is a state-run body which is in charge of providing and monitoring lottery and gambling in the La Belle Province. It operates lottery games such as draw games, scratch cards, casinos, gaming halls, and bingo venues, as well as video lottery and online gambling via Espacejeux, which is the only regulated iGaming platform in the province.
First Half of 2023-2024 in Numbers by Sector
For the period from April 1 to September 25, 2023, the Crown’s lottery sector contributed CA$452.8 million of revenue. The period had fewer Lotto Max jackpots and Maxmillions worth CA$50M+ offered. Meanwhile, its online lottery revenue amounted to 12.5% of the sector’s total proceeds for the first half of the fiscal year.
Then its casino and gaming halls sector delivered approximately CA$527.2 million in earnings. The numbers may be affected due to labour disputes from the summer disrupting some services. However, the unionized employees and the employer reached an agreement in late September. Also, iGaming revenue accounted for 26.3% of the sector’s total proceeds.
Meanwhile, in its latest report, the Crown corporation disclosed that profits from gaming establishments reached CA$441.2 million. However, the sector was heavily impacted in recent years. Still, its video lottery terminals continue to be an attraction to retailers across the province. The regulator reminded that this type of offering will evolve within a responsible framework.
Since the start of the FY, the Crown has also awarded 48 prizes worth CA$1 million or more, with 22 of those coming in Q2. The total amount awarded via lottery, network bingo and Kinzo winner in Q2 was CA$372.8 million. Additionally, a new Kinzo hall was launched in Mirabel on July 26, offering fun and cozy space for up to 60 players.
Abandoning Mini-Casino Plans
Recently, Loto-Québec became a subject of criticism over its plans to launch a mini gambling parlour at the former Taverne 1909 near the Bell Centre in downtown Montreal. Montreal Public Health was also against the project and even issued a 40-page report on the project detailing the potential harms related to the opening of a casino in the area.
After the public uproar, in late September 2023, the Crown agency reported that it would be pulling the plug on its mini-casino project. The gambling regulator said that it respects the opinion of the public health organization, but still deems the project a missed opportunity while also noting it understands why DRSP sees some of the aspects of the gaming hall’s location as hazardous.
Source: “Halfway through fiscal 2023–2024 – Loto-Québec achieves expected results” Loto-Québec, December 13, 2023
