Loto-Québec numbers are boosted by online revenues.
Loto-Québec numbers are boosted by online revenues.
Following the release of record total revenue and consolidated net income for the first half of the 2022–2023 fiscal year, Loto-Québec has demonstrated the increasing significance of online casino and lottery revenue in the Canadian province.
Although a number of gambling operations were suspended between April and mid-June 2021, Loto-Québec's reported a 35.4% growth in total revenue to CA$1.466 billion (€1.02 billion/£877 million/US$1.08 billion), while consolidated net income soared by 37.9% to CA$805.3 million year-over-year.
According to the royal company, sales and net income increased by 3.5% and 9.4%, respectively, compared to the first half of the previous pre-pandemic year.
In a similar vein, Loto-Québec praised cost-control initiatives throughout the company as the cost-to-revenue ratio increased from 31.0% to 27.9%.
Loto-Québec's growing online appetite
However, the most recent data highlighted the increasing demand for things purchased online.
Online casino sales generated 23.8% of the sector's total revenue, up from 8.9% in the same pre-pandemic period, while online lottery sales generated 12.7% of total segment revenue, up from 3.4% in the first half of the pre-pandemic fiscal year.
Lottery sales fell by CA$29.0 million to CA$468.3 million between April 1 and September 26, 2022, while sales from casinos and gaming halls increased by a significant 79.7% year over year to CA$551.4 million.
We are still on course to reach and surpass our budget goal at the halfway point of the fiscal year. "I am really happy with the record results that the teams in all of our sectors achieved," stated Jean-François Bergeron, president and CEO.
"Despite our excitement, we are still cautious because of the shifting economic landscape. To continue on the path to success, we are depending on exciting projects, especially those that have to do with reinventing our brand.
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