The Atlantic Lottery Corporation (ALC) has reported a surge in profits, partly due to a growing preference for online gambling among customers. The lottery organization’s annual report has described the robust financial performance for the year 2022-23 as brighter compared to the previous year, which was beset with pandemic-induced restrictions.

The improved profits have translated into a larger pool of money returned to the four Atlantic provinces. In 2021-22, the share of the P.E.I. government’s net profit increased by 59.7 percent to $23.5 million from the previous fiscal year. The upward trend continued into 2022-23, with the profit share rising to $29.3 million. Similarly, Nova Scotia netted $160.4 million, New Brunswick collected $163.9 million, and Newfoundland and Labrador received $148.6 million in 2022-23.

The return to in-person gambling at video lottery terminals and venues such as the Red Shore casinos and race tracks in Charlottetown and Summerside notably boosted this financial upturn. Red Shores in Charlottetown saw its net revenues grow by 25 percent, reaching $22.1 million from the previous year.

The ALC’s digital footprint also extends to i-gaming operations, which have contributed significantly towards the corporation’s earnings. Last year, revenues from activities like digital bingo, sports products like ProLine, and digital instant games amounted to $100.1 million, marking a 30 percent growth rate.

ALC CEO, Patrick Daigle also observed that despite inflation cutting into disposable incomes, Lotto Max sales have reached an all-time high. This, according to him, underscores the appeal of the lottery as an “innocent indulgence.”

Sports betting under ProLine was also a significant revenue generator, notching a 16.3 percent increment in earnings from the previous year to reach $17.2 million. This product, Daigle noted, has a wide appeal but is particularly popular among younger, male patrons.

However, harness racing revenues at Red Shores remained stable at $2.1 million, prompting Daigle to characterize it as a mature product with limited appeal. Nonetheless, he noted that it continues to attract patrons to the downtown Charlottetown restaurant and casino complex, especially during summer racing events.

Daigle concluded that despite the persistent inflation, the economic outlook in Atlantic Canada remains relatively resilient, thus creating favorable conditions for the lottery business.

Damaris is a seasoned writer and analyst of the gambling market with several years of experience writing for various blogs and websites worldwide. He has worked with several casino startups and is a supporter of credible casino projects worldwide.
© Copyright 2023
Powered by WordPress | Mercury Theme