INTRALOT: 10-YEAR LOTTERY LICENSE EXTENSION IN JAMAICA UNTIL 2026
Supreme Ventures Limited (SVL), in which INTRALOT owns a strategic stake, has received a 10-year extension of the Lottery Gaming License it holds in Jamaica. The Betting, Gaming and Lotteries Commission (BGLC) of the country has extended the company’s license to continue to operate its large portfolio of lottery games until 2026, while some of the conditions of the Lottery License have also been amended. Under the new terms, SVL is required to invest at least US$5 million (approximately J$450 million) in upgrading and expanding its lottery and gaming operations in Jamaica.
“We have a strategic plan for the growth and expansion of our gaming and entertainment operations that will require significant investment in partnership with our technology suppliers. The Directors of SVL therefore decided to present our plan to BGLC early and seek its approval for an extension of the lottery license, which represents our core business. We are happy that after much deliberation, the BGLC has approved the license extension. SVL will continue to meet the stringent operating standards of the BGLC”, commented SVL Chairman, Mr. Paul Hoo.
The renewal of the lottery license allows the company to continue making substantial contributions to Good Causes and the C.H.A.S.E. Fund. Over J$5 billion (US$ 58 million) have been allocated to this cause so far; with the extension, however, SVL is expected to contribute over J$17 billion (US$200 million) to the C.H.A.S.E. Fund over the period 2011 to 2026, in addition to opening up new jobs opportunities in the future through the expansion of its gaming network .
Mr. Nikos Nikolakopoulos, Managing Director of INTRALOT Latin America, added: “We are very satisfied with the renewal of the license, which ratifies the confidence that BGLC has in SVL. Our decision to enter the Jamaican market by acquiring a strategic stake in SVL has yielded positive results and we are very optimistic about the future.”
SVL is a public listed company that started operations in 2001. During its relatively short tenure, it has earned the enviable reputation of being one of the leading and more dynamic companies in Central America and the Caribbean. In 2010 its revenues reached J$25.4 billion (approximately US$300 million). INTRALOT acquired a stake of the company in 2008, increasing its participation in 2010.
As the dominant lottery company in Jamaica, SVL directly or indirectly employs about 2,500 people through its extended network of 1,000 Points of Sale. Its large portfolio of lottery games includes Cash Pot, Lotto, Pick 2, Pick 3, Dollaz, Lucky5 and Winquick (Instant Win). The Company is also a participant in the multi-jurisdictional lottery game, Super Lotto, and there are advanced plans to introduce a Pick 4 game. SVL also operates VLT gaming lounges and holds a license to operate Fixed-Odds Betting in Jamaica, which is operated by INTRALOT