Business

JustBet generates over $170m from World Cup

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com

Friday, July 18, 2014    

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THE Supreme Ventures Limited-owned (SVL-owned) JustBet generated over $170 milion in gross sales from the recently concluded World Cup in Brazil.

This comes on the heels of the recently passed amendments to the Betting Gaming and Lotteries Commission Act, which allowed the company to add an additional 200 terminals in the field prior to the beginning of the World Cup in June.

"As a result of this expansion, JustBet was able to generate in excess of $170 million in gross sales and pay out in excess of $120 million in prizes during the World Cup to thousands of winners, with the largest winner collecting $1.1 million," said CEO of Supreme Ventures Limited, Brian George.

The prize payouts are in addition to the levies and taxes payable to the Betting Gaming and Lotteries Commission as a condition of licensing. SVL, however, described the performance of its sports betting products as satisfying.

"We have been lobbying since 2010 for these amendments and our patience and persistence has been rewarded," he said.

The sales have validated SVL's optimism regarding the potential value of sports betting, given that most of the bettors were not players of the traditional lottery games.

The group now expects that this market segment will continue to grow and achieve its full potential.

"JustBet plans to continue adding sales outlets to provide more convenient and accessible locations for major upcoming sporting events which include the Barclays Premier League, UEFA Champions League, NBA, NFL and the Olympics in 2016," said George.

He added that the SVL will continue to offer bets on international sporting events during this summer period, including the Commonwealth Games, CPL T20 Cricket, the Diamond League and Formula One motor racing.

SVL's revenue at $10.3 billion increased by 38.7 per cent in the first three months of 2014 from $7.4 billion a year earlier, financials indicated.

The Group's bottom line also saw an improvement, which jumped by 11.56 per cent over comparative periods last year.

"The increase in net profit after tax was directly attributable to a steady growth in lottery revenues for the more popular games and the game liabilities performing within their design," the financials stated.

These games included Cash Pot, which saw a 45.7 per cent increase in revenue, and Dollaz which also reported an increase of 123 per cent, arising from a four times daily increase in draws.

Pick 2 reportedly climbed from $83 million last year to $98 million, while Pick 3 and Pick 4 both saw increases of 26.9 per cent and 21.8 per cent respectively. Pin Code revenues also increased by 55 per cent.

Sports betting grew in the first quarter by 25.1 per cent, moving from $75 million in 2013 to $93 million.

While revenue and net profit saw growth in its figures, sales from the super lotto and lotto games, however, declined by 3.47 per cent and 12.4 per cent respectively.

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