Loto Quebec to move into Online Gambling
Loto Quebec President Alain Cousineau has revealed that he and his organization are going to make a move into the online gambling. In a speech addressed to the Montreal Board of Trade the gambling mogul outlined his plans to expand his company and incorporate a virtual betting outlet, mainly comprising of online poker and online sports betting.
The outfit is reported to be set to roll out its new online operation as early as next summer, with Loto Quebec planning to collaborate with different lottery corporations from various Canadian provinces that already offer online gaming including: British Columbia and four Atlantic provinces.
Annual growth figures of 30% have been recorded since 2003 in Canada and forecast for 2012 estimates that gambling revenue in Canada will surpass the $1 billion per year mark. Indeed, the Canadian news agency conducting the research revealed that the gambling industry now has a worldwide market of $25.3 billion and has increased 300% since 2004.
Cousinaeu’s address to the gambling regulatory board is aimed at making the necessary legal changes to allow Quebec to enter the online gambling market which in turn should see a boost in local revenue (through taxes) and for Loto Quebec as a company.
Certainly in recent years the move by many traditionally land based gambling outlets has seen a massive upswing in the fortunes of companies whose profits were showing signs of decline. If all goes ahead then by the time summer rolls around the online gambling market in Canada should look a lot healthier.