Loto Quebec revenue drops in 3Q
During the third quarter of the fiscal year, key verticals struggled and caused Loto Quebec revenue to drop after a successful first half.
Canada.- During the first half of the fiscal year, Loto Quebec had experienced a revenue improvement. However, it couldn’t keep up with its own performance during the most recent period.
The company revealed its figures actually went down in the last three months. In the third quarter, Loto Quebec revenue fell 11.1% to €477.9 million as key verticals struggled.
Casino revenue fell 5%, other gaming establishments 8.2% and lotteries dropped a staggering 19.5%.
“On the lottery side, let’s first remember that Lotto Max had offered an exceptionally high number of Maxmillions in 2018-2019. The drop in income from this sector was therefore expected,” Lynne Roiter, president of Loto Quebec, said.
Sports betting in Canada
It’s been over a year since the SCOTUS revoked PASPA and cleared sports wagering to launch in the US. However, Canada wants to pass sports betting legislation as well, as a recent meeting shows.
Stakeholders in the lottery and gaming industry met with lawmakers in Windsor to push for the segment.
“The government needs to act quickly. The threat is imminent,” said Paul Burns, president of the Canadian Gaming Association. “Michigan will be up and running soon. New York has started, other states in other parts of the United States have moved exceptionally quickly to pass bills.”
After sports betting legislation has repeatedly failed in Canada, Burns explained the landscape has changed. According to the official, with pro leagues on board with the segment, it’s a matter of political will before it turns legal.
MP for Windsor-West Brian Masse explained lawmakers are working on it.
“At the end of the day, it could be a matter of weeks if there’s the political will to do that. They have a couple of different options to go to for it. That’s not likely, but that’s the technical answer to the question in regards to the processing,” said Masse.
