After entering an online gaming compact with the British Columbia Lottery Corporation’s (BCLC) PlayNow platform, the Saskatchewan Indian Gaming Authority (SIGA) released financial details this week on the first year.
The results were record-breaking profits in 2022-23 for SIGA with $292.6 million in overall gaming revenue and net income of $126 million.
“SIGA continues to be a major driver in the province, strengthening the lives of First Nation people through employment, economic growth, positive community relations and financial self-reliance,” Federation of Sovereign Indigenous Nations Chief Bobby Cameron said.
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Online Gaming Add Significantly to SIGA Revenue
BCLC offers interprovincial online gaming that includes Saskatchewan and Manitoba. SIGA officials were pleased with the results of the partnership.
The 2022-23 financial results saw a sharp increase from the previous year. Revenue was up 34% from $195.8 million in 2021-22. Expenses rose from $127.6 million in 2021-22 to $166.6 million over the last year, an increase of 35%.
These numbers produced net income of $126 million, up 46% from $68.2 million in 2021-22. Canadian online gaming was a key part in producing dramatic increases, SIGA officials noted, helping pave the way for recovery after recent difficult years.
“This past year was an important time of recovery for SIGA from the pandemic, as we launched PlayNow.com in Saskatchewan and kept a steady focus on building back our most critical resources – our markets, our employees, and our finances,” SIGA President andCEO Zane Hansen said. “SIGA’s efforts were rewarded as a return of revenues to pre-pandemic levels, combined with operational efficiencies, resulted in record-breaking earnings.”
A Look at the BCLC Platform & SIGA
SIGA joined PlayNow in November 2022 as Saskatchewan’s first and only legal online gaming and sports betting site. PlayNow also offers online poker in a shared liquidity market among British Columbia, Manitoba, and Saskatchewan.
“The rollout of online gaming and single event sports betting opens up new casino entertainment options for residents,” SaskGaming President and CEO Susan Flett said at the time of the rollout.
SIGA is a non-profit corporation made up of seven casinos across the province and was created in 1995 under The First Nations Gaming Act. The properties offer slots, table games, and more. The group reinvests all net revenue into First Nations communities with 50% to the First Nations Trust, which is distributed to the 74 First Nations in the province.
Another 25% goes to Community Development Corporations, which reinvest the funds into local community initiatives. The last 25% goes to the provincial general revenue fund. SIGA also contributes $2.25 million annually to the provincial First Nations Addictions and Rehabilitation Foundation (FNARF). That total was raised to $2.5 million in the group’s 2023-24 budget.
