Lotteries Board to double its revenue

Rasika SOMARATHNA

The National Lotteries Board (NLB) plans to double its revenue by way of new innovations and expansion of business activities targeting Rs 16 billion within the next two years.

NLB Chairman Chaminda Athuluwage told the media yesterday that the revenue earned by way of lottery sales had reached an all time high during the first five months of this year to reach Rs.4010 million.

During the period the NLB had also produced 13 super prize winners, the highest ever, according to the Chairman. The amount of money distributed among winners during the period is Rs. 1921 million.

The NLB has lined up a host of activities to propagate its business including a massive propaganda to expand its business in the North and East. Conducting lotteries through SMS, making sales through Sathosa outlets, streamlining sales network, expanding sales agents and sub-agents, appointing at least one sales agent each for every Grama Niladhari division, paying an incentive of Rs 2,000 monthly to those assisting district dealers, insurance cover for sales agents, financial scholarships for sales agents' children are some of the other activities in the pipeline.

The NLB said that it enjoys a 65 per cent market share.

In 2010, the NLB had earned Rs 8,863 million. From the amount they had paid Rs 1,636 million as commissions to agents. The amount spent on prizes had been Rs 4,296 million. They had also contributed Rs 1,200 million for the Development Fund excluding taxes. "Our profits excluding monies given to development activities and as taxes amounted to Rs 32 million for year 2010," the Chairman said.

This year, the NLB plans to up its revenue beyond Rs. 10 billion. It also plans to contribute more than Rs two billion for the government's development efforts this year.

The NLB is the promoters of lotteries, Govisetha, Mahajana Sampatha, Vasana Sampatha, Jathika Sampatha, instant lotteries - Sevana and Samurdhi, Colombo Airport Super Draw and New Airport Lottery.