Published: Wednesday November 5, 2008
Gaming company, Supreme Ventures Ltd (SVL) says that doubling the starting lotto jackpot to $15 million will increase its revenues.
"With a starting point at $15 million, then the jackpot will grow more aggressively because persons usually come into the game at $25 million," said Sonia Davidson SVL vice- president of corporate communications. "And based on the revenue coming in, we will be able to grow the jackpot higher and faster."
Lotto revenues languish because the jackpot which is sales driven, does not get much public interest at $7 million.
"Can you buy a house with $7 million?" she asked. "The game is jackpot driven and we realised that $7 million is no longer attractive staring point and made more relevant at $15 million."
In order to support the increased jackpot, SVL increased lotto tickets to $50 from $30. SVL asserts that the benefit of increasing the jackpot will outweigh the increased cost to play the game. Lotto contributes some eight per cent of total SVL revenues, or about $1.28 billion of the $16.12 billion made over nine months up to July. The campaign is geared at increasing those revenues. Its flagship game, Cash Pot accounts for 80 per cent of total revenues.
"We are expecting revenues to increase," said Davidson who declined to give a revenue target. "No, we have not really gone there yet."
SVL launched an ad campaign to usher in the changes which became effective Monday. The campaign used a red-coloured eye, which represents desire and greed in Jamaican parlance. The campaign also updated the lotto logo.
"The gimmick of the campaign was playing on the red-eye concept. The eye has nothing to do with the logo. But we did do just a small tweaking of the colour of the balls for the logo," she said.
Source: Jamaica Observer