Loto-Canada Inc

Loto-Canada Inc

Loto-Canada Inc, established May 1976 to be responsible for continued operation of the Olympic lottery. It was to turn over 82.5% of net revenues to help with the expected deficits of the OLYMPIC GAMES and to help with the COMMONWEALTH GAMES; other portions of the revenues would go to the provinces and to the federal government's national sports, fitness and recreation programs. The federal government agreed to close down Loto-Canada in return for a payment of $6 million from the provinces, paid annually. A last draw was held in late 1979.

See also LOTTERY.