Loto-Québec, the government owned lottery corporation operating out of Quebec, Canada, has registered a total of $2.101bn and a consolidated net income of $1.082bn following the release of its third quarterly report for the 2019-2020 fiscal year.
The update also revealed that revenues declined within the lottery sector when compared to the same period last year. The shortfall was attributed to Loto-Québec’s Lotto Max offering fewer jackpots of $50m or more and less in the way of Maxmillions prizes when compared to the 2018 to 2019 fiscal year.
That said, the third quarterly report showed that the operator had still paid out several major prizes during the last quarter, including jackpots of $50m and $32m.
Lynne Roiter, President and CEO of Loto-Québec, stated: “At this point in the fiscal year, we can confidently announce that we are on track to meeting, and even exceeding, our annual net income target of $1.295bn.
Despite the news regarding its lottery revenue decline, the report also revealed that casino, gaming hall, bingo and Kinzo hall revenues continued their upward trend, with the online gaming operator yet again recording an increase in revenue for both its lottery and casino game sectors.
Additionally, it was also noted that revenues from its bar network had declined, with the lottery stating it was “…mainly because of terminal withdrawals in areas targeted by the video lottery terminal network action plan.”
Aside from financial results, the report highlighted that the operator had not only had its Level 4 Certification renewed by the World Lottery Association, but it had also celebrated its 50 year anniversary which, as a result, will see it launch several initiatives geared at its customers throughout the year.