Digital wagering fuels Loto-Quebec’s success – iGB
The substantial increase in online gambling income aided Loto-Quebec, the Canadian provincial lottery operator, in issuing enhanced financial predictions for the 2017-18 fiscal year.
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Digital wagering fuels Loto-Quebec’s success
The substantial increase in online gambling income aided Loto-Quebec, the Canadian provincial lottery operator, in issuing enhanced financial predictions for the 2017-18 fiscal year.
Loto-Quebec’s net profit rose by 8.5% to C$1.335 billion (GBP 764 million/EUR 877 million/USD 1.02 billion), with turnover increasing by 3.7%, as the operator reported improved results across all key metrics.
However, online gambling was the standout performer, despite currently being the operator’s smallest division, with sales surging 37.5% to C$118 million through the EspaceJeux.com platform, continuing the momentum from the previous year when the division grew by 29.7%.
Online casino revenue increased by 40.6% to C$64.3 million, while online lottery sales grew by 34% to C$53.7 million.
These results appear to validate Loto-Quebec’s decision earlier this year to consolidate all its online products under one platform, including bingo, casino, lottery, poker and sports betting.
The lottery business remains the operator’s primary source of revenue, with sales reaching C$1.881 billion, up 2.9%. Loto-Quebec’s four casinos generated total sales of C$906.9 million, an increase of 8%.
The increase was a mere 1%.
Canada’s Finance Minister, Carlos Leitao, aimed for a target of C$1.141 billion. Meanwhile, dividends boosted public finances by 8.7%, hitting C$1.31 billion.
In related news, Loto-Quebec has introduced a new online lottery service.
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