BCLC Posts Record Annual Net-Income Numbers For 2022-23 Fiscal Year

British Columbia Lottery Corporation

The British Columbia Lottery Corporation (BCLC) has announced an incredible CA$1.636 billion in income across the last fiscal year, providing a huge financial boost to the province and beyond.

According to the BCLC Annual Service Plan Report and Accountability Disclosure Report, released last week, the income figures have smashed the previous best fiscal year, which was CA$220 million back in 2018/19.

The phenomenal results are a massive boon for the region, with the majority of the income expected to be pumped back into regional infrastructure, community grassroots projects, and key services. The Federal government will also benefit from the result, though on a much smaller scale, taking just CA$12 million (0.75% of the total amount raised).

Industry insiders believe the result is another example of how regulation of a gambling business can have mammoth benefits for all parties.

How Did The BCLC Smash Its Record?

How Did The BCLC Smash Its Record?

The general consensus is that the success of BCLC’s amazing year lies in sweeping, holistic improvements across the board.

As the sole provider for the conduct and operation of commercial gaming in British Columbia over the previous 40 years, the organisation was facing a requirement to diversify and evolve, like any major national business.

Experts are citing several reasons for the bank-breaking results - the chief one being the establishment of a brand-new casino. Cascades Casino Delta opened in September 2022 and employs approximately 500 residents.

A grand gaming room brimming with more than 500 slots, around 18 table games - including classics such as blackjack, roulette, and baccarat - and even an industry-leading virtual gaming arena are some of the standout features at Cascades Casino Delta, which has proved immeasurably popular in the region and attracting players from around the world.

Its success is measured by accounting for 61% of the year’s net income - that’s more than three times the amount of the organisation’s previous fiscal record.

The lottery product was also responsible for 21% of the total income, representing a big rise on previous years. Its success is credited to the development of a new game Lotto 6/49 along with general game enhancements and consistent high rollouts of Lotto Max jackpots.

Where Does The Money Go?

Understandably, upon the receipt of such a windfall, residents will want to know where the money is spent.

Below is a breakdown of how the money is dispersed among initiatives benefiting from the BCLC re-investing strategy, which includes:

  1. CA$1.09 billion - Province of BC General Revenue Distribution.
  2. CA$147.2 million - Provincial Health Special Account
  3. CA$139.8 million - Community Gaming Grants
  4. CA$113.6 million - First Nations Revenue Sharing
  5. CA$3 million - Join Illegal Gaming Investigation Team
How Do I Find The Results?

How Do I Find The Results?

Scarcely believe your eyes and want to see for yourself? Board members of the BCLC are required to disclose all compensations to the CEO and the next four highest-paid executives.

The general public is able to see the above information, plus commission payments to various stakeholders in the industry, including casinos, gaming centres, and bingo service providers.

To locate the full breakdown of the figures, players can visit the Public Sector Employers Council Secretariat website.

You can also view the attestation letter for executive compensation from Greg Moore, the Chair of the Board of Directors at the BCLC.

Other Developments From The BCLC

Other Developments From The BCLC

There were also further steps to improve player safety in the region while adding extra layers of security against Money Laundering.

From June 2023, the organisation asked operators to insist on a requirement of photographic identification upon sign-up. The casino’s security staff will cross-check any ID presented with a database of players restricted - whether self-imposed or otherwise - from playing at a venue.

The reason for the rollout was to raise awareness on the importance of responsible gambling and it had the desired effect. Debates around the social impact of harmful gambling have been prevalent in Canadian politics at a local and national level. Any personal information is not saved by the institution, according to the BCLC.

It is also another measure to protect against infiltration from criminal gangs and money-laundering rackets, which use land-based casinos to wash illegally obtained money.

Can The BCLC Break This Record?

Can The BCLC Break This Record?

It remains to be seen - the size of the profits announced by the BCLC will be tough to beat.

However, given the incredible popularity of gambling as a past-time, the softening of online gambling regulation in some Canadian provinces, and a general recognition of the importance of gambling revenues to local and national politics, there is no reason why the BCLC could not break its record.

Dmitry Rogalchuk
With over 5 years of experience in iGaming, Dmitry Rogalchuk leads a content team at CasinoCanada, ensuring that every article on the CasinoCanada website is informative and engaging for our readers.
Head of Content
The University of British Columbia
The University of British Columbia & McGill University degrees, strategic marketing & content leadership expertise, sales strategies development
Expert in:
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Last updated on: 19.03.2024

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