Loto-Quebec has all but reached its pre-pandemic financial numbers, with the Q3 fiscal stats indicating a steady improvement in net income.
Loto-Quebec’s latest financial numbers suggest that the company is close to reaching its pre-pandemic performance levels. The company posted its third-quarter financial results on 8 March, covering the period of September to December 2021. Quebec went into another lockdown at the end of December, which will impact Q4 results when they come out.
Some of the company’s Q3 highlights include the opening of the Salon de Jeux de Québec at its new Méga Centre in Beauport, which welcomed its first guests on 29 November 2021. Additionally, the company’s Hilton Lac-Leamy property celebrated its 20th anniversary on 8 October last year. Loto-Quebec also introduced Loto-o-Suivant, the company’s first charity lottery game.
Better Than Expected Q3 Financial Numbers for Loto-Quebec
According to the latest report, Loto-Québec had a prolific quarter, with total revenue and consolidated net income reaching 90 and 94 per cent of their pre-pandemic levels, respectively. The corporation reported total revenue of CA$619,9 million, with a consolidated net income of CA$324,7 million. This is an increase of 70,1 and 120,9 per cent over last year’s third-quarter figures, respectively.
Online gambling activities have also improved, with iGaming revenue up by CA$1,3 million or 2,1 per cent. However, this rate is slower since land-based casinos were operational during the third quarter of 2021, and gamblers were not limited to iGaming offerings. Overall, online revenue contributed to 30,3 per cent of total revenue, up from 9,4 per cent for the same period in 2019-20.
CEO of Loto-Quebec, Jean-Francois Bergeron, noted that the company has the tools needed to safeguard itself from possible cyberattacks. Bergeron shared that the company experiences hundreds of attacks each day, with its security teams successfully repelling these as it remains alert for potential threats.
This statement came in the light of the company’s decision to support Ukraine in the ongoing conflict by halting sports wagers on Russian sports events. Bergeron further explained that this wouldn’t affect the athletes of Russian origin who play for other countries. According to Loto-Quebec, Russian games make up around five per cent of the total volume of its sports bets.
