Loto-Québec's Revenue Falls 51% During First Half of 2020-21
October 31, 2020
Provincial lottery and gaming operator Loto-Québec recently released its fiscal numbers for the first half of 2020-21 show the extent of the impact of COVID-19. Loto-Québec's revenue fell 51.4% year-on-year, according to numbers released on October 30, as the pandemic led to the suspension of nearly all of the corporation's business activities from mid-March onwards.
At the end of the first half of the year, which ran from April 1 to September 28, 2020, total revenues stood at $687.4 million and net income was $181.2 million. Only online gaming revenues increased compared to the same period last year.
Loto-Québec's retail lottery sales were suspended due to COVID-19 from the second half of March, at that month also saw its land-based gaming like casinos and gaming halls close. There was no land-based gaming available within the province during the first quarter, and these venues didn't begin to reopen until June and July. As a result, land-based gaming revenue fell by nearly two-thirds.
In comparison, retail lottery revenue's drop-off was far less steep at 25.5%, mainly due to the fact these gaming opportunities resumed weeks earlier. A big silver lining came in the form of online gaming, which accounted for $60.9 million of lottery revenue and $105.6m of casino revenue, increases of 292.5% and 131.6%, respectively.
Even as this reporting period came to an end in late September, Loto-Québec was forced to suspend activities again in certain regions, including multiple casinos and the Trois-Rivières gaming hall.