Tuesday, 25 October 2022 17:48

Supreme Ventures rakes in big profits from lottery sales

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GROSS ticket sales grew 26 per cent for lotteries and gaming company, Supreme Ventures Limited (SVL) during its third quarter ended September, when compared to the same period last year.

For the three-month period total ticket sales amounted to $26.6 billion, a significant portion of which flowed from the sale of its popular Lotto and Cash Pot games, among other new products.

According to Gary Peart, executive chairman of SVL, this largely stemmed from the fact that customers continue to offer positive support to its products and new initiatives, a lot of which have also helped to provide needed funds useful in easing the burden of stringent economic times brought on by the novel coronavirus pandemic.

"Total gaming income of $12.1 billion represents an increase of $1.9 billion, or 18.7 per cent, when compared to the prior period in 2021, driven largely by lottery sales with strong performances from Cash Pot and Instants," he said in the company's latest interim report to shareholders.

Posting profits of $426 million, 36 per cent above last year, the chairman credited the growth in sales which he said helped to propel positive out-turns despite some traditional challenges often linked to the third-quarter period.