Loto-Quebec is the Canadian provincial state-owned gambling firm that holds a complete monopoly over the gambling industry of Quebec. Now, the authority has posted mixed results in its latest nine-month financial report for the period ended December 2016. The Canadian gambling firm has posted a slightly weakened performance overall for the period in review, but one of its most notable fiscal achievements stemmed from the online operations of Espacejeux.
Espacejeux is the firm’s latest online casino gaming venture for the Canadian market. The platform is quickly drawing in players as online and mobile-based gambling grows in favour as the world’s leading form of cash gambling.
The group’s total revenues for the period dropped by 1.5% over the previous year to around CAD 2.61 billion – and profits were also down by 1.3%, resting at $933 million for the province’s land-based casinos combined. However, Espacejeux proved the star of the show over the nine-month period with massive online revenues of over $58.3 million and a marked 26.4% year on year growth. Other divisions of Loto-Quebec also performed well during the time frame: online lottery sales were listed at an increase of 30% and bringing in $26.8 million, while other online gambling activities raked in $31.5 million in revenues and increased by 23.5% year on year.
Online gambling is steadily growing in popularity among Quebec’s gamblers, and the new phenomenon of mobile casino gaming has also likely contributed to the success of Espacejeux, which offers various real money online gambling opportunities which are licensed and monitored by the local authority that offers them.
In terms of offline and land-based gambling, Loto-Quebec has posted massive lottery sales, proving that lottery continues to be the main source of revenue for the firm. Although lottery ticket sales were down 9% over the same period of 2015, lotto still managed to bring in most of Loto-Quebec’s revenues with an impressive $1.27 billion generated. While slowly growing more obsolete, Quebec’s four land-based casinos also performed well. The four gambling establishments generated a collective total of $619 million in GGR – a figure that has grown by 2.8% over the previous year’s figures.