Supreme Ventures aims to lift revenue with higher marketing spend and new productsWednesday, July 21, 2021
Supreme Ventures Limited (SVL) has ramped up marketing spend on all platforms, noting that it is a critical part of the company's 2021 strategy. Gary Peart, company chairman, says the move predates entry of new competition. The company is aiming to drive revenue higher following a challenging 2020.
New competition entered the market in February 2021 in the form of Mahoe Gaming Limited which was given the green light by the Betting, Gaming and Lotteries Commission (BGLC) to start operations.
For the first quarter ended March 2021, SVL's revenues fell by 18 per cent or by $135 million $to 602 million.
Although declining to disclose the new revenue numbers, and the marketing budget for the second quarter, Peart said that six months into the new year results have changed. He indicated that SVL is focused both on increasing revenue and diversification, adding new products and business lines.
Peart outlined, “Our revenue has significantly increased over the past six months and we are very pleased with the impact of our promotions on the marketplace in general. Our online gaming products are gaining traction, a result of our multifaceted marketing push that include in-store promotions, online promotions like the Grand Promotion and Million Dollar promotions.
The company chairman noted that now individuals are opting to make their gaming purchases online from the convenience of their home or office, and that “since we are still urged to maintain social distance, several persons are taking advantage of our online assets, SV Games, JustBet Online and MBet for Caymanas Park.”
Sports betting products, he added, “are also doing very well, and as the sporting world slowly reopens. We anticipate even more growth in that area in the medium term.”
The company, meanwhile, is accelerating its diversification push. In February, SVL inked a deal to purchase a 51 per cent controlling interest in microlender McKayla Financial Services.
Peart outlined, “We will be delving deeper into microfinance and financial services in the near future and increasing the range of transactions that customers can conduct at an official SVL retailer.
New launches to date include Acropolis Online which was launched on Sunday, July 18.
Peart stated, “Our marketing strategy remains a dynamic and critical part of our existing rolling strategic plan to diversify our presence in the market, this plan pre-dates the start of the new gaming entrants.”
He outlined, “In addition to pushing our suite of lottery games, we ramped up advertising of our online sports betting brands in response to the increased demand in the market for that product; we also had to push more into our online gaming product SV Games to increase registrations along with our acquisitions and entry into new markets such as microfinance.
“We have also run promotions that have always been part of our annual plans as we give back more winnings to the customers through promotional activities. We remain keenly attuned to the new entrants to the market and look forward to healthy competition.”
Investors, meanwhile, appear to be taking a bet on the company. Year to date, the stock price has climbed 6.91 per cent, closing at per cent $18.55 per unit on Monday, July 2021.
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