15th of September 2018 Author: Alex Hoffmann
The online gambling sector in Quebec, Canada has recorded a revenue increment of one-third in the first quarter of its fiscal year. Magnified largely by lottery jackpots, the provincial gaming monopoly reported growth of $686.5 million CAD or $521.5 million USD in three months up until June 25th. In comparison to 2017, the expansion amounts exactly 6.4 percent, whereas the net income jumped to 10.7% or $359.8 million CAD in total.
Lottery Sales on The Rise:
Loto Quebec has also recorded an increase in Lotto Max jackpots, pushing the revenue for further $244.4 million CAD. In the previous period, all Lotto Max sales jumped over 71%, cashing in C$62.3 million, probably due to a record-breaking C$60m prize that was won on June 8th by a Quebec citizen.
However, the province's four land-based casinos reported usual Q1 revenues, barely surpassing $213.5 million CAD. The gaming establishments have claimed that the government's efforts to reduce the number of video lottery terminals within the territory's bars, clubs and bingo halls is the main reason for a 1.4% decrease.
Outshining Rival Casinos in Ontario:
According to Loto Quebec, other online gambling sites in the province have also improved their revenues, easily outshining rival casinos in neighbouring Ontario, which even has a larger audience by 5 million residents. In addition, Quebec's Espacejeux is slowly catching up the competition in British Columbia, primarily thanks to online lottery sales at C$7.1 million.
On the other side, Quebec Health Minister, Gaetan Barrette, announced a plan to spend almost C$35m on programs to deal with residents' addiction issues, that are specifically tied to abuse of opiates and other drugs in online gambling. .
Source: "Loto Quebec's online gambling revenue up one-third' Streeter, Joe. Calvin Ayre. September 10, 2018.
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