Ontarians are spending less on alcohol and cannabis, but paying into the lottery
The 2024 Ontario budget predicts lower revenue collected for the sale of booze and cannabis, with officials citing tough economic times and a lack of disposable income.
According to the province, the Liquor Control Board of Ontario (LCBO) is expected to see about $2.4 billion in revenue this fiscal year.
This is about $96 million less than what they have made in 2023-24 thus far.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
The numbers are even smaller for the Ontario Cannabis Store (OCS), the Crown corporation that manages online retail and wholesale distribution of recreational cannabis.
The OCS is expected to bring in $225 million in revenue in 2024-25, which is about $17 million less than the previous fiscal year.
Officials say the decline is likely due to the overall slowing economy. Residents, officials said, have had to cut back on unnecessary purchases due to a lack of disposable income.
At the same time, gambling appears to be taking off.
The Ontario Lottery and Gaming Corporation is predicted to bring in about $2.6 billion in 2024-25.
So far in 2023-24, they raked in about $2.3 billion.
iGaming is slowly gaining in popularity, with about $174 million expected in revenue for 2024-25.
The provincially regulated iGaming Ontario launched in 2022, so it’s still a relatively new revenue source.
The government indicates that all of these revenue sources, along with money from Hydro One, are expected to increase at an average annual rate of 2.2 per cent between 2023-24 and 2026-27.
CTVNews.ca Top Stories
More than half of Canadians say freedom of speech is under threat, new poll suggests
A new poll suggests a majority of Canadians feel their right to freedom of speech is in danger.
NEW Kim Kardashian brand kids' sleepwear and more: Here are some recalls to watch out for
Here are the latest recalls Canadians should watch out for, according to Health Canada and the Canadian Food Inspection Agency.
Parents of infant who died in wrong-way crash on Ontario's Hwy. 401 were in same vehicle
Ontario’s Special Investigations Unit has released new details about a wrong-way collision in Whitby on Monday night that claimed the lives of four people.
Wally, the emotional support alligator once denied entry to a baseball game, is missing
Emotional support animal registrations in the United States reached 115,832 last year, by an industry group’s count. But in the eyes of reptile rescuer Joie Henney, there’s only one: 'Wally Gator.'
Maple Leafs down Bruins 2-1 to force Game 7
William Nylander scored twice and Joseph Woll made 22 saves as the Toronto Maple Leafs downed the Boston Bruins 2-1 on Thursday to force Game 7 in their first-round series.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Federal government to announce funding to help Toronto host six 2026 World Cup games
The federal government is set to announce funding to help Toronto host six matches at the 2026 FIFA World Cup.
Is your password 123456? Here's why you should make it stronger
With the sheer number of passwords needed today, it may come as no surprise that over 60 per cent of Canadians feel overwhelmed, and over a third reportedly forget their passwords monthly.
Three Quebec men from same family father hundreds of children
Three men in Quebec from the same family have fathered more than 600 children.