Loto-Québec reports 30 percent revenue increase in third quarter

March 9, 2023 10:29 AM
Photo: Shutterstock
  • Mark Keast, CDC Gaming Reports
March 9, 2023 10:29 AM
  • Mark Keast, CDC Gaming Reports

Loto-Québec posted total revenues of $2.2 billion at the end of the third quarter of fiscal 2022-2023, an increase of 30.7 percent ($521.9 million) over the same period last year.

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Consolidated net income came in at $1.2 billion, an increase of $295.8 million (32.6 percent) over the same period in the previous year.

“Our teams’ sustained efforts led us to these exceptional results and to our best performance in 17 years,” said Loto-Québec president and CEO Jean-Francois Bergeron. “All indications are that we will be able to pay a higher dividend than expected to the government and that benefits all Quebecers.”

The third quarter runs from Sept. 27 to Dec. 26, 2022.

Lottery revenues totaled $742.2 million, a $2.6 (.4 percent) increase over the same period in 2021-2022. Lotto Max paid more grand prizes of $50 million or more, and more Maxmillions, than during the same period the previous year.

In Quebec, casinos and gaming halls are operated directly by Loto-Québec and casino and gaming-hall revenues totaled $829.3 million for a $313.9 million (60.9 percent) increase over the same period in 2021–2022.

The size of that increase was due in large part to the fact that gaming locations were closed in 2021 for the COVID protocol, whereas operations have returned to normal since the current fiscal year began.

In the third quarter, gaming-establishment revenue totaled $686.5 million, a 45.4 percent ($214.5 million) increase over the same period in 2021-2022. Establishments were closed in 2021. (“Gaming establishments” refers to games offered outside their own buildings, which include sports betting, video lottery terminals in bars, as well as bingo and Kinzo halls.)

Loto-Québec paid $397.1 million to lottery, network bingo, and Kinzo winners over the quarter, totaling $1.1 billion since April 1. There were 32 new millionaires during the quarter, for a total of 69 since the beginning of the fiscal year.