Ticket sales up for Supreme Ventures
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.
Highlighting the challenges he cited a few — including annual breaks in major sporting competitions which affected sports betting activities, along with prioritised back-to-school expenditure — that usually gauge spending during the period.
“Additionally, the fallout of the current harsh economic climate and the overseas conflict continue to affect the spending ability of our customers,” the company said.
Grateful for what it said was the continued extension of customer loyalty, Peart, in an outlook said that the SVL group will seek to further launch key initiatives and products through its retail channel even as it ramps up the use of technology to grow its mobile channels, allowing for increased penetration across gaming segments.
“Our lottery portfolio continues to be a primary focus while improving and strengthening our internal infrastructure and capabilities,” he stated.
For the nine months, gaming income grew $5.8 billion to total $37.billion matched by profits of $2.1 billion. Across key segments lotteries reported gaming income of $17.4 billion and achieved results of $2.7 billion while the pin codes or sale of phone cards segment delivered results of $205.9 million. The sports betting segment also drove increased results of $745.6 million, delivering $9.3 billion in income.
“This improved performance was expected somewhat with the resumption of the major sporting football leagues like the EPL and Champions League. Continued improvement is expected in all product lines as the World Cup qualifiers are in full gear and [wih] the tournament itself taking place in November-December in fourth quarter,” the report noted.