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Loto-Qubec Annual Results

Loto-Qubec PLEASED WITH ANNUAL RESULTS

Success driven by management efficiencies.

Qubec Government Finance Minister Carlos Leito reported a strong rise in Loto‑Qubec’s total revenue and net income during an annual report to Qubec’s National Assembly late last week.

Key performance indicators for the 2015/2016 fiscal period include:

•    Total revenues of $3.560 billion, up 6.7 percent.
•    Net income totalling $1.227 billion, an increase of 10 percent.
•    Profit margins climbed 1.1 percent to 34.5 percent.
•    Casino revenues rose 3.8 percent to $806.2 million.
•    The lottery sector recorded a 10 percent rise in sales to $1.798 billion.
•    Espacejeux.com, Loto‑Qubec’s online gaming site, recorded a 35.2 percent increase in revenues to $66.2 million.

The results are attributed to management efficiencies which exceeded targets and produced gains of $95.5 million, the corporation said.

Expenses totalled $963.7 million, representing an increase of 0.9 percent compared to the previous fiscal year, despite inflation and higher salaries.

“While favourable circumstances certainly helped, the renewal strategy we implemented over the past two years and efficient management across all our sectors were the main drivers of our success,” Simon Patenaude, Loto‑Qubec’s acting president and chief executive officer explained.

The results delivered significant economic and social contributions that include:

•    A divided to the Government of Qubec of $1.202 billion.

•    Lottery, bingo and Kinzo winners took home $960.8 million.

•    Investments in the fight against excessive gambling of  $27.1 million.

In terms of online gaming, Loto-Qubec said while all espacejeux products had grown and the mobile channel continues to gain traction, its market share still represents just 25 percent highlighting the severe impact of illegal online gaming, a situation it expects to be rectified with the recent passing of controversial legislation which will allow the Government to utilise ISP blocking.

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Gambling News :

Is Gibraltar Out of Luck in US Tax Challenge - Gibraltar's challenge to the UK 15 percent point-of-consumption tax on online gambling operator revenues has already failed in the UK High Court, and it looks as if it may be rejected by the European Court of Justice too.

Quickspin are now available in Denmark - #quickspin The roll-out strengthens the long-standing partnership between the supplier and the operator, with Quickspin games already available on Vera&John’s websites around the world.

UCypher Launches - Indian entertainment and media entrepreneur Ronnie Screwvala has announced the formation of UCypher, an eSports tournament in which ten teams will compete.

Extreme Live Gaming In deal With Betsson - Extreme Live Gaming, a subsidiary of the Novomatic Interactive group, has announced a live dealer product deal with the Betsson online gambling group, with an initial launch planned for Betsson.com, followed by other brands in the Swedish group's portfolio.

Expansion Mode For BoyleSports - The Bambury premises are situated in Kildare, Meath and Dublin and will be refurbished and rebranded after acquisition, with the total of 31 staff remaining in employment..

Safecharge Q4-2016 - Online e-cash processing firm Safecharge, where Playtech's Teddy Sagi is a majority shareholder, released a trading update on its Q4-2016 performance Thursday, flagging record transaction processing volumes and revenues.

ASA Most Controversial Ads of 2016 - Paddy Power's penchant for advertisements that cause a stir saw the betting company mentioned twice in the Top Ten most controversial adverts of 2016 released by the Advertising Standards Authority in the UK Thursday.

Yggdrasi To Enter Italian Gambling Market - Yggdrasil’s Italian offering will include the company's collection of in-game promotional tools, BOOST, improving gamification, and the social sharing tool, BRAG. The company’s mobile product will also be available on its HTML5 iSense 2 platform.

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

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