SVL weighs future of Super Lotto
Published:Wednesday | August 17, 2011 | 12:00 AM
Sabrina Gordon, Business Reporter
Lottery and gaming company, Supreme Ventures Limited, is plotting more changes to its group structure amid an expanding bottom line that has benefitted from previous adjustments.
It is also weighing the future of the Super Lotto, which it has called a "disappointment".
The company declined comment on the coming changes, citing market rules.
"I can't say much, given stock exchange rules about releasing information, but it's a move to better align resources to achieve or become more profitable," said Brian George, president and chief executive officer.
The group includes Supreme Ventures Lotteries Limited, an online provider of lottery games and electronic phone pins; Prime Sports Jamaica Limited, operator of video gaming lounges and slot machines; Supreme Ventures Financial Services Limited, the providers of MoneyGram money transfer and cambio services; and Big 'A' Track 2003 Limited trading as Supreme Ventures Sports Betting, which offers betting on international sporting events.
At half year ending June 2011, SVL reported a 72 per cent increase in net profit to J$401.5 million.
George has promised to deliver record profits of J$840 million this financial year by containing costs while expanding services. The annualised HY returns puts him J$37m shy of his target.
SVL revenues grew six per cent in the half-year to J$13 billion.
Posting gains
All business segments posted gains, the most robust of which was sports betting, whose revenues climbed 163.24 per cent.
Super Lotto, a multi-jurisdictional jackpot game introduce by the company in 2009, remains a disappointment, but SVL says it will be hanging on to the game for now.
The HY revenue for super lotto was not reported, but in 2010 the game brought in J$562m for SVL, or 2.2 per cent of total income for the year.
"One of the reasons we are committed to the super lotto is that being a part of a multi-jurisdiction game is critical to the lottery business," George said.
"We continue to be disappointed in its performance but will try to keep it going. However, if it continues to perform below expectation there will come a point where we will have to determine how we will continue, but at this point we are fully committed to it."
SVL, in an update on the coming periods, said the new Pick 4 would be launched in the fourth quarter, and that the Acropolis and Coral Cliff Gaming lounges would be upgraded.