Loto-Québec’s revenue and profit growth has been somewhat stagnant over the last six months compared to the same time last year.
For the period from April 1 to Sept. 29, 2025, total revenues were $1.53 billion and consolidated net income was $777.5 million. Those numbers represented fractional increases of 1.8% and 0.8%, respectively, over the same period in 2024.
Taking into account only the last quarter, from July 1 to Sept. 29, revenues and net income were both down about 6% on 2024.
President and CEO Jean-François Bergeron attributed the year-over-year decline for the quarter to the fact that the second quarter of 2025 had fewer days than the previous year. He added to the Canadian Press that the results are slightly above the crown corporation’s targets.
Bergeron said in a release that he was proud of the performance, which he suggested was achieved “in a complex economic environment and within a sustained growth trajectory.”
Casinos main driver
Breaking down the results by segment for the period from April 1 to Sept. 29, casinos and gaming halls continue to account for by far the largest chunk of revenue.
That land-based segment, comprising activities at four casinos and two smaller gaming halls, brought in $657.4 million, 43% of the total revenue. That was 8% higher than in April to September 2024.
Lottery gaming followed at $467.4 million (31%) and gaming establishments, which includes video lotteries in hospitality venues, reaped $417.9 million (27%). The lottery segment’s revenue dropped 5.1% from last year, while the VLT revenue flatlined with a 0.9% increase.
“While the land-based casino industry is experiencing a slowdown, our casinos and gaming halls are seeing growth, both online and in physical establishments,” added Bergeron.
Québec casinos were boosted when Loto-Québec added more poker and blackjack tables to the gaming halls in Québec City and Trois-Rivières in the spring.
Gaming lounges are smaller-scale than full-blown casinos, typically offering video lottery terminals, interactive casino games, live entertainment and bar service. Work is underway to construct a third in Rimouski, and the lottery recently announced plans to open a fourth in the city of Saguenay in 2027.
Digital not cannibalizing land-based gaming, insists CEO
While casinos make up the biggest revenue chunk, Bergeron told the Canadian Press that Loto-Québec’s online gaming posted growth of about 17% compared to last year. He insisted that it is not coming at the expense of its land-based gaming.
“We are experiencing very good growth in Quebec when compared to other jurisdictions,” he said. “There is no cannibalization. What we might lose in sales at land-based points of sale, we make up for online.”
Loto-Québec Senior Director of Product Management and Innovation François Hardy told attendees at the Canadian Gaming Summit in June that the crown corporation has been focused on building a compelling omni-channel experience for customers.
“With our growth in the iGaming business and the bank of customers we have on the land-based business, it’s just natural to leverage one another more and more,” Hardy added. “I think we’re getting better at it, and we’re just at the start of it. We see that the combined player has about 15 to 20% better value than a single channel.”
We’re on track, says Bergeron
Bergeron added that Loto-Québec is well-positioned to reach its annual net income target.
“Teams work relentlessly to enhance entertainment options, both online and land-based, while upholding the highest responsible commercialization standards,” he said. “Building on these positive results and driven by our initiatives underway, we head into the second half of the year with confidence and determination.”
The latest results come as online gaming lobbyists and members of the Québec Online Gaming Coalition (QOGC) continue to call on the Québec government to launch a regulated iGaming market. QOGC spokesperson Ariane Gauthier argued earlier this year that Loto-Québec “has shown no progress this year” and is declining when adjusting for inflation.
