Online gambling usually offers boost to other types of betting activities. This includes the land-based casino games and national betting games. Loto-Quebec, a provincial Lottery operator in Canada, has benefitted from online betting activities- as per the new reports. The company now looks forward to improved revenue outlook for fiscal 2017-2018.
Loto-Quebec has declared a boost in net profits by a margin of 8.5%, and overall turnover has shot up by 3.7%. The operator has reported overall improvement in trade. Its online gaming performance has shot up by 37.5%, compared to 29.7% of the last financial year. Its online casino revenue has enhanced by 40.6% and reached C$64.3m. Even the online lottery sales have shot up.
The massive improvements have kind of justified the company’s decision to get all its online betting products under one roof at the beginning of this year. This includes sports betting, Poker, Bingo, casinos, etc.
The primary revenue generator for the company still continues to be its Lottery-based products- which accounts for over $1.881 billion. The four casinos which are operated by Loto-Quebec have reported total sales touching C$906.9m. This is a remarkable hike compared to last year, on the scale of 8.1%.
The really positive development is the dividend contribution to the public income structure of Canada has shot up by 8.7% and reached C$1.31 billion. This indicates a secure future for the gaming industry as the income benefits may lead to reduced amendments to the gambling laws of Canada. Online gaming has done its bit for the Canadian economy.