MANILA, PHILIPPINES - Philippine online lottery operator, Pacific Online Systems Corporation, reported an almost 70% profit for the first seven months of the year thanks to retail expansion activities resulting to a wider distribution of its products including a scratch lottery card game.
The listed-Philippine gaming company who is the exclusive online lottery provider for the Central and Southern Philippines (Visayas and Mindanao areas), disclosed to the local stock exchange that its profits surged to PHP 167.7M ($3.46M) from PHP 99.8M ($2.06M) posted over the same period last. This accounted for a 30% increase or PHP57.7M ($1.19M).
In a statement, Pacific Online said the increase in profit "was driven by the strategic roll-out of new terminals, record lotto sales, more aggressive distribution and sale of PCSO (Philippine Charity Sweepstakes Office) instant scratch tickets nationwide". The Philippine gaming firm also said continued operations of its 100 Lucky Circle retail lottery outlets contributed as well.
Prospects of the company for the year remain positive as it expects further revenue growth as PCSO lotto games remain popular among Filipinos. It aims to end the year with a total of 130 retail outlets and has set aside PHP 160M ($3.3M) for expansion plans.
Late last week, the company also signed an agreement to sell instant scratch lottery tickets with a local shoe and bag repair chain, Mr. Quickie, and hopes to implement the same with convenience store 7-Eleven and in SM Department Stores, a leading chain of malls and retail outlets in the Philippines owned by taipan Henry Sy.
PCSO is the Philippines's government body mandated with implementing nationwide lottery and sweepstake games of chance.
Scratch It image sourced from Pacific Online Systems Corp.
