IN JAMAICA: Supreme Ventures Limited (SVL) expects over $2b more from new game, more draws....and sports betting driven by the FIFA World Cup....That would equate to single-digit growth on the $35 billion in revenues earned last year.

Wednesday, June 04, 2014  

Supreme Ventures Limited (SVL) expects to generate up to $2.6 billion in additional revenue this year led by increased draws, a new game and increased sports betting driven by the FIFA World Cup.

That would equate to single-digit growth on the $35 billion in revenues earned last year.

Betters on the go

"We expect growth from all our initiatives to see an increase in the region of $1.5 to $2.6 billion ," said Brian George chief executive officer and president of SVL, in his address to shareholders at the Knutsford Court Hotel in Kingston yesterday.

A large chunk of the proposed revenue rise between $434 to $869 million will come from the addition of an early morning game draw. That is based on a 30-week sales projection, according to George's powerpoint presentation. That draw will be broadcast at 8:30 am.

The company will also announce a new game called Top Draw.

But George avoided revealing specifics, opting to wait for its launch later this year.

"There is a reason it is called Top Draw," he said, pointing to the game's logo which illustrates stacked cabinet drawers.

SVL expects to grow its sports revenues substantially, valuing the long-term market size at up to $10 billion. Its sport betting brand JustBet earned revenues of $266 million last year, despite regulatory delays.

"That's peanuts compared to when we say the business is worth anywhere between $8 to 10 billion," said George on sports betting.

However, SVL sports betting revenues grew from $75 to $95 million in the March quarter 2014 year on year. SVL operates 28 company-owned sports betting locations across the island compared with over 1,100 lotto agents . more