Atlantic Lottery has unveiled its Annual Report for the 2023-24 fiscal year, showcasing a significant 17 percent increase in gross gaming revenue. This translates to an impressive CA$24.7 million (US$17.9 million) year-over-year growth, with the iLottery segment emerging as a standout performer.
Community Impact and Financial Highlights
The Atlantic Lottery’s commitment to community support is evident in its financial contributions. According to President and CEO Patrick Daigle, the organization returns 100 percent of its profits to enhance public services across Atlantic Canada.
- Key Financial Figures:
- Total revenue delivered to the four Atlantic provinces: $487 million.
- Breakdown of revenue sources:
- $256.5 million from video lottery terminals (Destination line).
- $230.5 million from Retail and iLottery lines.
Despite the revenue growth, profits saw a decrease of $5.2 million compared to the previous year. This decline was anticipated due to ongoing investments aimed at enhancing operations and future growth. Interestingly, the actual profit exceeded budgeted expectations by $1.6 million.
Regional Contributions and Comparisons
The distribution of profits across the provinces highlights Atlantic Lottery’s role in supporting local economies. The report details how much each province received, reflecting the organization’s commitment to regional development.
- Profit Distribution:
- Nova Scotia: $161.7 million
- New Brunswick: $151.2 million
- Newfoundland and Labrador: $147.3 million
- Prince Edward Island: $26.8 million
When compared to the previous fiscal year, the figures show a slight variation, indicating stable support for these provinces. For instance, Nova Scotia received $160.4 million last year, while New Brunswick saw a slight increase from $153.9 million.
Addressing Illegal Gambling Concerns
Daigle emphasized the importance of promoting healthy play, distinguishing Atlantic Lottery from illegal gambling operations. He pointed out that many residents may not be aware that Atlantic Lottery is the sole legal provider of online gaming and sports betting in the region.
- Key Points on Illegal Gambling:
- Approximately $200 million leaves Atlantic Canada annually due to illegal gambling.
- Private operators benefit from this market, rather than local communities.
The launch of Newfoundland and Labrador’s online casino marks a significant step in combating illegal gambling and providing regulated options for residents. This initiative is expected to further enhance the legal gaming landscape in the region.
Future Outlook and Strategic Initiatives
Looking ahead, Atlantic Lottery is focused on continuing its growth trajectory while maintaining its commitment to community welfare. The organization plans to invest further in its operations and explore new opportunities within the gaming sector.
- Strategic Focus Areas:
- Enhancing online gaming offerings.
- Promoting responsible gambling practices.
- Expanding community engagement initiatives.
As Atlantic Lottery navigates the evolving gaming landscape, its dedication to supporting public services and local communities remains a top priority. The organization is well-positioned to adapt to changing market dynamics while ensuring that the benefits of gaming are felt throughout Atlantic Canada.