Atlantic Lottery Reports Increased Profits for 2024-25: A Boon for Atlantic Provinces

Introduction

Atlantic Lottery has made headlines with its latest financial report, revealing a remarkable increase in profits for the fiscal year 2024-25. Returning $498.7 million to its owner provinces, the corporation highlights its vital role in funding essential public services. This article will explore the factors contributing to this profit increase, the impact on local economies, and the future strategies of Atlantic Lottery.

Record Profits and Distribution

In its annual report, Atlantic Lottery announced a profit increase of $11.7 million compared to the previous year, showcasing its commitment to regional development. The profits were distributed as follows:

• Nova Scotia: $165.1 million
• New Brunswick: $154.6 million
• Newfoundland and Labrador: $153.1 million
• Prince Edward Island: $25.9 million

These funds are allocated to each province's general revenue, directly supporting crucial services such as healthcare, education, and infrastructure. As Atlantic Lottery President and CEO Dallas McCready stated, "Each year, we deliver 100 percent of our profit to the four Atlantic provinces." This financial influx is vital for sustaining local communities and enhancing public welfare.

Growth in Online Sales

A significant factor in the profit increase is the growth of online ticket sales, which surged during the COVID-19 pandemic. McCready noted that the iLottery line of business experienced a 29 percent rise, amounting to an additional $25.9 million in revenue for 2024-25. This shift reflects broader consumer trends towards online shopping, compelling Atlantic Lottery to adapt its operations accordingly. While the majority of ticket purchases still occur in physical stores, the organization recognizes the importance of maintaining a strong online presence to engage with customers effectively.