Saskatchewan Indian Gaming Authority has recently posted its annual report for the 2022-2023 fiscal year, during which it generated record-breaking profits. During the fiscal year, the gaming agency saw CA$292.6 million in revenue and net income of CA$126 million. Hence, continuing to be a significant economic engine for the Province of Saskatchewan.
As a non-profit corporation, SIGA returns all of its net revenue to the province. It should be explained that 50% of its net gambling profits are invested in the First Nations Trust, 25% in the Community Development Corporation, which puts the money back into local community initiatives, and 25% goes to the provincial General Revenue Fund.
Highlights from the Report
SIGA President & CEO Zane Hansen remarked that the FY was crucial for the corporation and recovering from the unprecedented situation. During that time, SIGA launched the province’s first regulated iGaming platform, PlayNow, which is provided by BCLC. Meanwhile, it clocked revenues to pre-unprecedented situation levels, which resulted in record-setting earnings for the company.
Its online gambling market officially kicked off at the start of November 2022, and for the first two months, the platform generated CA$31.8 million in total online wagering handle. In November 2022 betting activity reached CA$14.8 million, meanwhile, in December 2022, it spiked to CA$17 million in total accepted wagers on the website.
In the fiscal 2022-2023, SIGA reported total revenue of CA$292.6 million which was a massive improvement on the CA$195.8 million in 2021-2022. Meanwhile, expenses were CA$166.6 million to CA$127.6 million in the previous FY. Net income reached CA$126 million in 2022-2023, which was almost double the CA$68.2 million in the past year.
SIGA promotes responsible gambling and the corporation is nationally recognized via the Responsible Gambling Check Program. It contributes around CA$2.25 million to the provincial First Nations Addictions and Rehabilitation Foundation every year. For the 2023-2024 budget, this amount was increased to approximately CA$2.5 million.
The corporation operates PlayNow, as well as land-based casinos in the province. This includes Dakota Dunes Resort & Casino, Northern Lights Casino, Gold Eagle Casino, Living Sky Casino Painted Hand Casino, Bear Claw Casino and Gold Horse Casino. Via its Community Investments Program, SIGA invested CA$1.3 million in community events and programming for 2022-2023.
Adding Live Games to PlayNow
Shortly after the start of 2023, SIGA announced that BCLC has now debuted Live Casino titles to PlayNow in Saskatchewan. The platform now offers 17 online table games to its bettors. Some of the titles that are available include some of the industry’s best-performing titles, such as Auto Roulette, Blackjack, Baccarat, Baccarat eSqueeze, Dream Wheeler, Infinite Blackjack, Lightning Auto Roulette Ultimate Texas Hold ‘Em and more.
Source: “SIGA releases financial results in Annual Report; record-breaking profits for the gaming operator in 2022-23” SIGA, July 19, 2023
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