Loto-Québec has now posted another remarkable quarter behind its back, as this week, it issued its fiscal report on Q3 of 2022-2023. During the quarter, the Crown corporation, reports total revenues of CA$2.225 billion and a consolidated net income of CA$1.204 billion. According to previous data, it is the best quarter since the introduction of the Tobacco Control Act.
As a state-run Crown corporation founded in 1969, Loto-Québec offers responsible gambling and lottery products in the province of Quebec. It runs lottery games such as draw games and scratch cards, casinos and gaming halls, bingo parlours, video lottery, and online gambling via its online portal lotoquebec.com. Proceeds from its operations are reinvested back into the province.
Quarterly Highlights
For the period between September 27 and December 26, 2022, the Crown corporation gave away over CA$397.1 million in lottery, network bingo, and Kinzo rewards. Hence, making it a total of CA$1.103 billion since April 1, 2022. Q3 of fiscal 2022-2023 had an impressive 32 new millionaires, thus taking the total number for the FY to 69.
Another important highlight from Q3 was the rollout of the 100% Legal campaign, which message was concentrated on the local aspect. It reminded that 100% of the amounts played on its iGaming platform are reinvested into the province. The Crown also installed sportsbooks at the Casino du Lac-Leamy in November and the second at the Salon de jeux de Trois-Rivières in January.
In addition to that, the Crown agency backs several initiatives and non-profit organizations under its Giving Back program. This made it possible for Quebecers to donate over CA$1 million to an organization of their choice in the fall. Also, three of its properties renewed BOMA Best certification in Q3 which acknowledges excellence in energy and environmental management and performance in commercial real estate.
Meanwhile, the Crown remains committed to highlighting the inspired and innovative spirit in the sector of gaming and more generally innovation by backing the next generation. Representatives of the corporation attend the MEGAMIGS festival and the HUB Montréal, where they awarded several grants and discussed the topic with other participants.
New Montréal Project
In February, the Crown agency shared its plans for a potential video gambling lottery venue just next to the Belle Centre in downtown Montréal. The idea is to install hundreds of VLTs at the vacant 1909 Taverne Moderne restaurant and capitalize on the market. The details were first revealed by the CEO of the organization Jean-Francois Bergeron during a radio interview.
However, its plans for a VLT property were not well-received by everybody in the region. Dr. Jeff Derevensky, head of the International Centre for Youth Gambling Problems and High-Risk Behaviours shared that gambling accessibility and availability of gambling are tied to problem gambling. He said it will potentially give opportunity for people to develop a gambling problem or addiction.
Source: “Exceptional results for Loto-Québec -End of the third quarter of fiscal 2022-2023” Yahoo Finance, March 7, 2023
