The BCLC expects a windfall from single-event betting, but online gambling sites in other jurisdictions are cutting revenue.

Last summer’s legalization of single-event sports betting in Canada turns into good news and bad news for BC Lottery Corp. (BCLC).

According to its three-year service plan, released February 22 with the provincial budget, the Crown gambling monopoly expects revenue growth of 7% in the 2022-23 financial year thanks to its PlayNow branded division. . However, competition from elsewhere will pose a challenge.

“As we anticipate continued growth, online gambling sites that operate illegally in British Columbia (referred to as ‘grey market’) are increasing their investment in sponsorships and advertising here and across the country,” said the BCLC service plan. “As a result, it is becoming increasingly costly for to compete for advertising and sponsorship opportunities that enhance brand presence and drive players to the only legal option in our province – the only one that generates revenue. profits to fund health care, education and community programs.

BCLC specifically pointed to Ontario, where that province’s regulator, the Alcohol and Gaming Commission, licenses online gambling companies that have previously illegally taken bets from British Columbians. One such company, BetRivers, was a big advertiser on CBC’s coverage of the Beijing 2022 Winter Olympics.

“In preparation for legal entry into Ontario’s gambling market, some operators are developing national partnerships with media companies and sports leagues, resulting in additional competition and challenges for with respect to BC-based media and marketing partnerships,” the service plan said.

In casinos, BCLC expects 3,906 potential crime reports by the end of the current fiscal year, according to internal reports on its iTrak database. BCLC market research found that only 54% of British Columbians perceive gambling at BCLC partner casinos to be safe and secure.

The BCLC said it does not have sufficient data to assess the impact of the omicron variant on casino operations, but it projects a 7% decline in lottery revenue in 2022-23 at a time when it replaces 3,500 lottery terminals in the province.

BCLC reported net income of $430 million in 2020-21, but hopes to reach $1.225 billion this year and $1.452 billion the following year.

BC Pavilion Corp., which operates BC Place Stadium and the Vancouver Convention Centre, is eager for international business travel to return, but admits the recovery won’t begin until the second half of 2022-23. It faces a major new competitor for corporate reservations: the computer screen.

“In response to the pandemic, the global meetings industry has seen an increase in events hosted virtually. PavCo will need to balance customer expectations to integrate virtual, hybrid and live events; however, it is unclear what influence this trend will continue to have as the sector stabilizes.

PavCo projects losses of $77.5 million through 2024-25. The deficits are primarily due to BC Place Stadium and debt from the 2011 renovation. The 2024-2025 tally assumes net proceeds of $15 million from potential land sales on the east side of BC Place Stadium.

The province’s biggest infrastructure project cost $8.4 billion through Dec. 31.

BC Hydro’s three-year plan indicated that Site C would cost an additional $7.64 billion to complete by the end of 2024.

On February 26, 2021, the NDP government of British Columbia admitted that the dam would cost $16 billion and take longer to build. In 2014, the BC Liberal government established a budget of $8.775 billion. The NDP blamed the cost overruns on pandemic slowdowns and geotechnical challenges.

The BC Hydro report estimates $2.52 billion will be spent in the fiscal year beginning April 1, $2.56 billion in 2023-24 and $1.13 billion in 2024-25.

Auto insurer ICBC forecast net profit of $1.9 billion by the end of March, well above forecasts of $154 million and an improvement from $1.54 billion a year earlier.

“Projected net profit for 2021/22 is $1.75 billion, which is favorable to the plan, mainly due to higher investment income and lower claims costs; in addition, to a lesser extent, higher premium income and lower operating expenses also contributed to the favorable net profit,” ICBC’s service plan said.

The Liquor Distribution Branch expects net income of $1.15 billion for this fiscal year and $1.66 billion for the next.

The number of private cannabis retail stores supplied by LDB’s wholesale division increased by 101 during this fiscal year. As of last November 24, the province had licensed 384 stores and 370 of them had orders registered and placed for non-medical pot.