Atlantic Lottery’s 2023-24 Annual Report Highlights $487 Million Profit and Commitment to Responsible Gambling

Atlantic Lottery recently unveiled its 2023-24 annual report, showcasing a strong year with a $487 million profit, while emphasizing the importance of responsible gambling initiatives. Despite a slight drop from the previous year’s record-breaking $492.2 million, this year’s figures remain impressive. The modest decrease of $5.2 million was anticipated due to ongoing investments in the corporation’s operations.

Consistent Contributions to Public Services

Atlantic Lottery, fully owned by the four Atlantic provinces, once again returned all its profits to the region, directly benefiting essential public services such as healthcare, infrastructure, and education. Over its history, the lottery corporation has contributed more than $10 billion in profits to the Atlantic provinces.

This year, Prince Edward Island $26.8 million. These funds play a crucial role in ing local services that affect millions of people in the region.

One of the key challenges highlighted in the report was the ongoing competition from illegal gambling websites. These sites operate outside of provincial regulations and siphon nearly $200 million from Atlantic Canada annually, denying the local communities the benefits of this revenue.

Atlantic Lottery’s President and CEO Patrick Daigle pointed out that many Atlantic Canadians may not realize the organization is the only legal provider of online gaming and sports-betting products in the region. “This is money that leaves the region, so the profits are not generated for good causes. All of that money goes away,” Daigle remarked. The corporation continues to work toward raising awareness among Atlantic Canadians about the risks associated with unregulated sites.

Success in iLottery and Digital Expansion

The iLottery line of business was a bright spot in Atlantic Lottery’s 2023-24 fiscal year, showing a 17 percent increase in revenue compared to the previous year. The launch of Newfoundland and Labrador’s online casino played a significant role in this growth, helping the alc.ca platform maintain its upward trajectory. Overall, iLottery contributed $230.5 million to the corporation’s total profits.

Daigle expressed confidence in the corporation’s ability to continue innovating, saying, “We are committed to rolling out new technology and services for our customers. For instance, we are updating our lottery terminals at nearly 3,000 retail locations, ensuring a better experience for our players.”

Alongside its financial success, Atlantic Lottery places a strong emphasis on promoting responsible gambling. Healthy play tools are a cornerstone of their operations, differentiating them from illegal operators. New initiatives introduced during the 2023-24 fiscal year included contests and promotions to increase player engagement with responsible gambling tools. Additionally, the corporation enhanced its communication with players, sending emails to those demonstrating high-risk behavior and providing insights and tools to help them manage their gambling habits more effectively.

“We launched several new healthy play initiatives, including new traditional and digital marketing materials to improve gambling literacy,” Daigle explained. The ongoing focus on healthy play aligns with Atlantic Lottery’s mission to ensure its customers can enjoy gambling in a safe and controlled manner, ing its commitment to social responsibility.

Strategic Governance and Corporate Focus Areas

Atlantic Lottery’s Board of Directors continues to play a pivotal role in guiding the corporation’s operations, with an emphasis on strategic governance in areas such as cybersecurity, diversity, equity, and inclusion (DEI), and environmental, social, and governance (ESG) considerations. In 2023-24, a newly formed Social Responsibility and Sustainability Board Committee was introduced to ensure sustainability remains a top priority for the corporation.

Daigle also highlighted the corporation’s continued investments in its operations, people, and future. These investments are part of a long-term strategy to maintain its competitive edge in a rapidly changing marketplace.

While the Atlantic Lottery faces challenges from unregulated gambling sites and an evolving market, the corporation remains optimistic about the future. With continued investments in technology, healthy play initiatives, and community , Atlantic Lottery is well-positioned to sustain its success. The corporation’s commitment to responsible gambling and returning 100 percent of its profits to the Atlantic provinces ensures that it will remain a key contributor to the region’s well-being in the years to come.

Source:

”Atlantic Lottery Annual Report 2023-2024”, annualreport.alc.ca.