Supreme Ventures Limited (SVL) has announced it still controls 99.5% of the lottery market in Jamaica despite two newly formed competitors joining the market this year, according to Jamaica Gleaner.
The firm, which was Jamaica’s only lottery operator until last year, reported that its earnings totalled $2.42bn, flattening from previous years due to the pandemic and significant market changes, including new entrants.
Executive Chairman Gary Peart told shareholders that the lottery operator had successfully navigated the challenges that arose from rivals entering the market, but that COVID-19 still poses serious threats to the business, labelling 2020 its toughest year in modern history.
Curfews have impacted the Jamaican lottery market; customers generally play on the gaming machines during nightly hours of 9pm-1am, which is now prohibited due to the curfew hours.
Peart said: “When the lockdowns and curfews will have abated, my expectation is that there will be a massive jump in revenues and profits at that point.”
Peart also told shareholders that, following the pandemic, the company is seeking to technologically advance its products while diversifying the range of games available to customers.
He added: “We expect a positive upswing as we continue to leverage our online channels, a move which is aligned with the trend in the marketplace.”