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Increase in Gaming Options Sees Loto-Quebec Revenue Surge
Online gambling and lottery machines have seen a huge popularity growth across Canada over the past year or so. Sure, land-based casinos tend to be where it’s at, and they are certainly flying the flag for the Canadian gambling industry. But it is also important to keep in mind the fact that online gambling has become very popular and more accessible over the past year or so.
Whether it’s the OLG and IGT teaming up to bring e-bingo to Canada, or it’s simply the number of online gambling sites available to players, it’s clear that online gaming isn’t going anywhere. It is also clear that this is working wonders for the revenue generated by companies operating all across Canada. For instance, Loto-Quebec reported growth net income for the first nine months of the fiscal year as reaching $1.122 billion, very close to the company’s target for the year of $1.261 billion.
The Lotto Max draws contributed to this rise in net income, clocking in at close to $120 million, whilst Quebec’s land-based casinos enjoyed significant growth this year as well. One of the most crucial elements of the Loto-Quebec income portfolio is the controversial video lottery terminals (VLTs). VLTs have remained centre stage recently following a lawsuit brought against suppliers ALC, but, they have still managed to provide a decent income for Loto-Quebec over the past year or so.
It seems as though customers are diversifying their options a little more these days. There are a lot of things that can contribute to this, and the increased choice available is probably one of the biggest things. Another consideration to make is the fact that the issue of money laundering has clouded the industry across multiple provinces in Canada. And, as a result, land-based casinos are perhaps not as much of an attractive option as they might have been in the past. This could be one of the reasons behind the move online by a lot of modern players.
Loto-Quebec are clearly delighted by the way the year has gone, and the revenue they have achieved. With President and CEO Lynne Roiter quoted as stating “In light of these positive results, we can state that we are on track to achieve our annual target for net income set at $1.261 B, and thus pay the government the dividend expected.”