CHIEF executive officer of Supreme Ventures Limited (SVL), Ann-Dawn Young Sang, yesterday identified illegal and unregulated competition in the gaming market as the main threat to the company.

The SVL CEO, who was speaking at the company’s annual general meeting (AGM) at the Spanish Court Hotel in New Kingston on Monday, noted that this meant competing with both legal and illegal activities which was a major threat to SVL’s business.

“It is not only a major threat to the business, but also a major threat to the economy, because no taxes are paid to the government that helps to contribute to the Jamaican infrastructure and the Jamaican infrastructure investment. No fees or commission are paid that will contribute to the Jamaican economic activity and there is no recourse or protection for the consumer,” she noted.

She said that SVL will continue to support the choice to have a proper industry regulation throughout all the sectors.

However, despite the illegal competition, Young Sang noted that the company had managed to keep its promise to its investors in terms of diversifying its products and leading the market in innovation and project delivery which has increased the size of its market.

“I think we can safely say that we kept our promises,” she told shareholders and stakeholders attending the meeting, which was chaired by SVL Chairman David McConnell.

She noted the company’s record breaking $2.1 billion in profits for 2018, which was attributed to taking a very strategic and targeted approach to the enhancement of its core revenue products that resulted in significant growth in its gross ticket sales amounting to $62.9 billion, a 12.3 per cent increase compared to 2017.

“Our financial performance in 2018 reflects our drive, focus and execution of core strategic initiatives such as our expansion into the mobile gaming arena, innovative promotions for our products and the kick-off of our regional expansion plans with our first regional outlet in Guyana under the iBET Supreme brand.” She also stated.

SVL paid out $44.2 billion to winning customers and $4.9 billion in commissions and fees to its retailers and service contractors. The company also paid over a historic $6.9 billion to the Government in taxes and contributions for 2018.

SVL’s contribution of $1.75 billion to corporate social responsibility efforts, included fees paid into the Consolidated Fund for the company’s support of the Culture, Health, Arts, Sports & Education, or CHASE, Fund.

Significant donations were also made to causes related to its focus on at-risk children and children in State care, among them its partnership with the Hear the Children’s Cry organisation.

“We are proud of our achievements in 2018, and as we look to the future through 2019, we are committed to investing in even further growth and expansion. We have created a strong base and will be continuing to invest in reinforcing that base in order to create a springboard from which to build an even stronger, sustainable organisation,” the CEO said.