The British Columbia Lottery Company posted its three-year service plan with the most recent provincial budget announcement. Crown Company Forecasts FY22-2023 Revenue Growth Of About 7% Through PlayNow Online Platform. However, the agency is concerned about competition with gray market operators.
Last summer, the Canadian federal government decriminalized betting on individual sporting events. This has been a long-awaited change in a country that allows the state to offer its own single sports betting. However, BCLC now sees the change as both good news and bad news due to grey market competition.
According to the service plan, Crown Corporation expects continued growth, but online game sites operating illegally in the province will pose a threat to sales records, and the agency says sites classified as gray markets have invested significantly in sponsorship and advertising in the province and across the country.
In the report, Crown noted that increasing marketing efforts by grey market operators are increasingly costly for PlayNow to compete for advertising and sponsorship opportunities, making it harder for the company to attract players as the only regulated game option in the province to expand its brand presence and reinvest revenue back into BC.
The BCLC specifically pointed to Ontario, where the Alcohol and Game Commission is opening an open iGaming market for online operators. Crown shared that some operators have entered into national partnerships with media companies and sports leagues to enter new markets in Ontario, which creates greater problems for Crown’s home ground marketing.
BCLC also expects lottery revenue to fall by about 7% in 2022-23 as it is currently replacing 3,500 lottery terminals in the province. For the 2020-21 fiscal year, Crown Agency reported a net profit of CA$430 million, but hopes to increase this amount to CA$1.22 billion for the current fiscal year and CA$1.42 billion for the next fiscal year.
In the wake of this year’s Super Bowl, which took place on February 13, 2022, BCLC has already benefited from the introduction of single-event betting, and Crown Corporation has reported a total of 70,000 bets to 2.1 million CA of processing, double the amount of the previous Super Bowl.
In addition, BCLC is looking for its next chairman and CEO, and the process of finding new leaders is left to Leaders International, an executive search company that will support hiring, and according to the royal board, its next leader must resume his previous success and continued growth.
BY: 홀짝게임