BCLC Net Income in Fiscal Year 2022/2023 Breaks Record with Net Income of CAD$1.636 Billion

The annual report for the fiscal year 2022/2023, which ended on March 31, has been released by the British Columbia Lottery Corporation (BCLC), and the results are fantastic! The net income hit the record, and the lottery earned CAD$1.636 billion, or US$1.199 billion.

The record-breaking revenue:

The province of B.C. received CAD$1.624 billion from that total, and the federal government also received CAD$12 million.

A newly opened casino, the Cascades Casino Delta, had greatly increased its net income, according to the statement issued by BCLC. Another reason for the increase lies in the success of Lotto 6/49 game enhancements, as well as impressive Lotto Max jackpot roll patterns. There was also the significant expansion of PlayNow.com, which conquered Saskatchewan, the third province in the country.

The previous record, which was set in fiscal year 2018/2019, was $220 million lower than the new one.

The employees earned $151,442 in total this year, while on various advertising, marketing, and promotional campaigns, a total of $39,879 was spent.

Important state’s asset:

In British Columbia, the only provider of commercial gambling is BCLC. According to the Gaming Control Act, its main mission is to conduct and manage commercial gambling under the provincial government.

Established in 1985, According to the source, the corporation has brought the province more than $28 billion in net revenue so far. One of its priorities is to promote responsible gaming, so $4.5 million was used for that purpose. Other than that, various health initiatives in the province were supported with $147.2 million. Among the main causes were funding new hospitals and upgrading various facilities. The province’s residents matter to BCLC, so $1.09 billion went to public programs and services, emphasizing education. First Nations governments also benefited with $113.6 million.

CDC Gaming Reports states that BCLC recently partnered with Light & Wonder to deliver its commission-free Ruyi Baccarat game to various markets across the continent. The game can now be played in 14 casinos in British Columbia.

According to state law, the company is obligated to release the salaries of its CEO and four highest-paid executives, so this information is available online. Lynda Cavanaugh, the former BCLC president and CEO, earned a total compensation of $305.180 in the fiscal year 2021/2022. The new president is Pat Davis.

The commissions that are received by its casino, bingo service providers, and community gaming centers are also available to the public.

The Canadian gambling scene expanded in the recent years, and the market became one of the biggest and most rapidly growing in the whole world – the players recognized the quality and efforts, and that is showed in revenue.