Loto-Quebec signals caution despite record-breaking revenues in H1

Loto-Quebec has released its financial results for the first half (H1) of the fiscal year 2022-23, posting record-breaking total revenues of $1.5bn and consolidated net income of $805.3m.

These represent increases of $382.9m (+35.4%) and $221.3m (37.9%), respectively, over the same period last year.

Casino and gaming hall revenues stood at $551.4m, a $244.5m (+79.7%) increase over the same period in 2021–2022 and a $39m (+7.6%) increase over the first half of the pre-pandemic fiscal year.

According to Loto-Quebec, this can be explained by the closure of gaming locations from April 1 to mid-June 2021, before progressively reopening, whereas there were no closures this year. 

However, its lottery sector suffered a drop in revenue.

Lottery revenues amounted to $468.3m in H1, a $29m (-5.8%) drop over the same period in 2021-22.

This follows September’s Q1 announcement, where it was divulged that lottery revenues had fallen by $19.2m (-7%).

According to Loto-Quebec, an overwhelming factor in the decline of its lottery revenues in both Q1 and H1 can be explained by a drop in sales of Lotto Max, which had an ‘exceptional’ run last year that included two record $40m jackpots.

Additionally, lower Lotto 6/49 sales have also been attributed as a reason for decreased lottery revenue in H1.

Meanwhile, online lottery sales revenues represented 12.7% of the sector’s total revenues compared to the 3.4% during the first half of the pre-pandemic fiscal year.

Jean-François Bergeron, President and CEO, commented: “Halfway through the fiscal year, we’re on track to not only meet but surpass our budget target. All our teams continued their remarkable work leading us to these record results of which I’m very proud.

“Despite our enthusiasm, we remain cautious given the unstable economic context. We’re counting on exciting projects – especially in terms of repositioning our brand – to keep us heading toward success.

“We’re proud to support around fifty festivals across the province, and we’re thrilled that so many Quebecers were able to enjoy them this summer. We encourage events whose corporate social responsibility stands out and help them improve in this regard.”

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