The Atlantic Lottery Corporation (ALC) reported $498.7 million in net profits for the 2024-25 fiscal year, buoyed by online casino growth as CEO Dallas McCready said the crown corporation’s online gaming market share rose from 22% to 34%.
In its 2024-25 Annual Report, the ALC stated that its gross revenue rose $18.2 million (2.1%) from the previous year to reach nearly $890.9 million. Net profit rose $11.7 million (2.4%), although that was $1.3 million under the $500 million target.
The growth was driven by a significant 29% uptick in iLottery profit, to $25.9 million. In comparison, the ALC noted that retail profits declined 1% and the destination profits fell 5%. It said it is making continued investments into destination and retail through initiatives such as new retail and video lottery terminals.
The ALC returns 100% of its profit to the four provinces it encompasses. By province, the organization returned:
- $165.1 million in profit to Nova Scotia
- $154.6 million in profit to New Brunswick
- $153.1 million in profit to Newfoundland and Labrador
- $25.9 million in profit to PEI (which does not offer regulated online casino gaming)
In addition to the profit, the Atlantic Lottery earned $62.4 million in taxes and federal contributions to the provincial and federal governments.
iGaming performs well
The Atlantic Lottery’s betting and gaming-specific gross revenue was $110.3 million, comfortably beating the target of $93.2 million. Net revenue from iGames reached $159.2 million in 2024-25, up 26.2%, while casino grew 46.8%. The ALC said that was down to improved product selection, with more than 190 games launched on its mobile platform, as well as a full year of online casino in Newfoundland and Labrador and improved marketing.
Net sports betting revenue, though, was down 11.3% year-over-year to $13.2 million despite active online sports bettors and sports wagering on alc.ca both rising in 2024-25. The Atlantic Lottery intends to modernize its sports betting platform to manage liability more effectively and introduce new products and features.
Overall, the lottery said it had more than 372,000 verified unique online player accounts in 2024-25, and McCready also noted that 114,000 voluntary healthy play tools were adopted by the ALC’s player base, a 47% increase from the previous year.
Market share growing amid stiff competition
Ultimately, the ALC said it has increased its market share of total online betting and gaming activity in the region to 34%, up from 22% in 2023-24. That aligns closely with data provided to Canadian Gaming Business by gaming market research firm H2 Gambling Capital in August 2025, which pegged the Atlantic region’s iGaming market at 35% onshore via the Atlantic Lottery and 65% unlicensed.
McCready said the reported growth is “a key step” towards the lottery’s target for that number to hit 50.
“We have an ambitious goal over the next five years to reach 50 per cent of the regional gaming market, which will ensure we keep even more dollars here in Atlantic Canada to help build stronger communities instead of benefiting private operators,” McCready added.
CEO ready to compete with licensed operators
McCready’s predecessor, Patrick Daigle, often spoke of the challenge the lottery faced from unlicensed and offshore operators such as Bodog, which went offline in Nova Scotia this time last year before being banned from Manitoba in a milestone court case this year. First Daigle and then McCready have estimated that the Atlantic provinces lose out on approximately $200 million each year due to untaxable iGaming.
In an interview with Canadian Gaming Business magazine earlier this year, first-year CEO McCready acknowledged that holding around one-third of the online gaming market is “a fairly small percentage,” given it is the only government-approved operator. He said the ALC is open to the idea of competing with other approved operators in a regulated market model such as Ontario’s.
“I think the government recognizes that some people are making the decision to play on illegal sites,” McCready told Canadian Gaming Business. “There are conversations recognizing that activity, and at some point we’re hoping they’ll allow us to compete. But it’s a decision of the policymakers and what they think is best for their people. It’s really not my place to question or challenge that.”
