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Online earnings rocket for Loto-Quebec

Canadian operator behind saw revenues from iGaming for the final 91 days of last year increase by over 187 percent year-on-year to $4.6 million.

Tuesday 28th February 2012

In Canada, the Loto-Quebec state lottery corporation has released its financial results for the final three months of 2011 showing a 0.8 percent year-on-year increase in total revenues to $901.2 million. Loto-Quebec is also the operator of the website and revealed that revenues from online gaming for the final 91 days of last year rose over 187 percent year-on-year to $4.7 million. However, Loto-Quebec reported that total revenues for the previous three quarters dropped almost 0.7 percent year-on-year to $2.683 billion despite earnings from online gambling for the 270-day period rising some 725 percent to $13.3 million. Overall, Loto-Quebec declared that its earnings for the final three months of 2011 improved by 2.4 percent year-on-year to $339 million while those for the previous trio of quarters hit $1.004 billion, which was almost a two percent decline when compared with the same 270-day period in 2010. “This growth in overall earnings reflects, in part, the rigorous management of the corporation’s expenditures, accounting for a reduction of $4.2 million, or 1.8 percent, during the quarter. “At the end of the first nine months of fiscal year 2011/2012, the total revenues of $2.683 billion are almost identical to those of last year since the period of comparison has one fewer day. As for the reported overall earnings of $1.004 billion, the decrease is less than two percent.”

Source: OnlineCasinoNews

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