Atlantic Lottery, a prominent Canadian corporation, has announced the release of its annual report, which records impressive results for the fiscal year 2022-23.
The report indicates a remarkable milestone as the company achieved a record profit of $492.2 million. This figure signifies a significant upswing, with profits surging by $54.1 million compared to the preceding year.
In a public statement posted on their official website, C. Sean O’Connor, the Chair of the Board of Directors, expressed his pride in the corporation hitting a financial milestone.
“It is my pleasure to introduce Atlantic Lottery’s 2022-23 annual report, highlighting our strong performance and remarkable achievements throughout the fiscal year,” he said.
“In 2022-23, Atlantic Lottery returned a total of $492.2 million in profit to the four provincial governments while reinforcing our commitment to promoting healthy play across all of our products.”
Patrick Daigle, President and CEO of Atlantic Lottery, spoke on the positive impact the corporation is having on the region it operates in. He highlighted the company’s dedication to giving back to local communities, which he said includes “not only returning $492.2 million in profit to the Atlantic Canadian governments but also supporting various events and organizations throughout the region.”
Daigle stressed that social responsibility remains at the core of Atlantic Lottery’s operations, with a commitment to advancing environmental, social, and governance practices.
He also stated that the corporation’s growth in recent years is proof that its purpose of delighting players is being met.
Atlantic Lottery’s Digital Transformation Boosts Profits
Atlantic Lottery’s recent financial success, marked by a record profit of $492.2 million, was notably influenced by its digital transformation. This transformation, which reflects the broader trend of digitalization in the gaming industry, played a pivotal role in the organization’s growth.
One of the key indicators of Atlantic Lottery’s flourishing success is the substantial amount it distributed to prize winners throughout Atlantic Canada. Over $440 million in prizes were awarded to winners in regions including Nova Scotia, Newfoundland and Labrador, New Brunswick, and Prince Edward Island. Impressively, 893 players received prizes of $10,000 or higher, marking a significant increase in high-reward winners compared to the previous year.
In the midst of this financial growth, Atlantic Lottery experienced a surge in its iGaming category. Net revenue in this sector soared by an increase of 30.2% over the preceding year. The digital channel has proven to be a fruitful area of development for the organization, aligning with the increasing demand for online gaming and entertainment.
Daigle pointed out that the removal of COVID-19 restrictions also played a role in the increased profits. As these restrictions eased, businesses globally began to recover fully, contributing to Atlantic Lottery’s positive financial results.
He expressed his contentment with the organization’s full recovery across all lines of business, highlighting the importance of embracing digital channels. This emphasis on digital transformation and catering to changing consumer preferences has been pivotal in Atlantic Lottery’s continued success.
“We’re also seeing profits increase because we’re seeing a full recovery from the COVID restrictions that were in place last year,” Daigle said.
“We’re very happy to see a full recovery on all of our lines of business and absolutely the digital channel is an area of improvement for us.”