Atlantic Lottery’s Profits Surge Along with Losses to Illegal Gambling

The public-owned corporation and government-regulated provider of gambling and betting products provider, Atlantic Lottery, released its 2023-24 annual financial report, pointing to strong growth and performance. While acknowledging the impressive results achieved over the last year, the operator pointed to one major challenge, the black market.

The Lottery’s Profits Help Fund Vital Projects

The latest report reveals that Atlantic Lottery was able to accumulate profits of a whopping CA$487 million for the 2023-24 period. Those proceeds helped fund vital services and programs across four Atlantic provinces. Atlantic Lottery explained that its proceeds are vital to the development of those regions and while enjoying growth year-over-year, responsible gambling remains one of the operator’s main goals.

A breakdown of the total reveals that CA$256.5 million came from the Lottery’s Destination line of business while the proceeds from its retail and iLottery business segments hit CA$230.5 million. Besides the CA$487 million in proceeds that helped fund services and programs, the Atlantic Lottery remitted CA$60.6 million to the federal and provincial governments in federal contributions and taxes.

Patrick Daigle, the Lottery’s CEO and president, spoke about the strong results. “I’m proud to mark another year of game-changing impact at Atlantic Lottery,” he explained. The executive pointed to important initiatives for the Lottery, including social and governance practices, as well as environmental projects.

Millions Go to Illegal Gambling Every Year

Daigle added that for the 2023-24 period, Atlantic Lottery supported different events and festivals, while also engaging in volunteering. “In addition to returning 100% of our profit to the Atlantic provinces and supporting community events, we are pleased to further strengthen the region we call home by keeping 91 cents of every dollar here in Atlantic Canada,” he added.

Moreover, Daigle pointed to the importance of the Atlantic Lottery’s work, which delivers CA$2 billion in economic activity and contributes to the employment of thousands of workers. “I am proud of all that our team has accomplished over the past year to delight our players and make a meaningful contribution to all Atlantic Canadians,” Daigle added.

“We are operating in an increasingly competitive environment due to the rise of gambling sites that cannot legally operate in Atlantic Canada, with nearly $200 million leaving our region each year to benefit operators outside Atlantic Canada.“

C. Sean O’Connor, chair at the Board of Directors of Atlantic Lottery

C. Sean O’Connor, chair of the Board of Directors for the Lottery, spoke about the importance of responsible gaming tools that help differentiate the Atlantic Lottery from the black market. While the Lottery focuses on channeling users to the legal sector, the illegal gambling market remains a competition, he added.

According to O’Connor, despite the efforts an estimated CA$200 million is gambled with illegal operators. He explained due to the unlawful gambling competition, this sum leaves Atlantic Canada. At the same time, he warned, that the use of illegal gambling providers poses a risk for the consumers.