Yearly Archives: 2021

Following the recent purchase of a 10 per cent stake in production and entertainment company Main Event Limited, Supreme Ventures Limited (SVL) said it will be leveraging growth from this transaction through the establishment of a production company.

This as SVL seeks to gain a foothold in the entertainment space and double down on the venture in a half and half partnership with Main Event.

“One of the things that’s going to come out of this acquisition of 10 per cent is that SVL and Main Event have an understanding that we will form a production company. It will be owned 50 per cent each between [both companies]. That production company, we believe, is going to take advantage of huge potential in the marketplace,” said executive chairman of SVL Group, Gary Peart, during a Mayberry Investors forum this week.

“When we read this pandemic and study what is happening globally we think that there is a great potential for Jamaica to see the entertainment value,” added Solomon Sharpe, CEO of Main Event, in speaking to the synergistic value to be derived from the recent deal.

Sharpe, who is also the chairman of Supreme Ventures Racing and Entertainment Limited (SVREL), the racing subsidiary of SVL, believes that the affiliation of both companies with the lucrative Caymanas racing business strategically positions both entities to gain significant earnings from the entertainment activities lined up to take place at the almost 200 acres venue in the COVID aftermath.

“When the pandemic is over destination Caymanas Park, destination Jamaica will be ready and the new production company will also be ready — we already have some things in the pipeline. While many other companies use my business to look good, SVL identified a real opportunity to make it bigger and to potentially even look further into the Caribbean,” Sharpe said.

SVL, which posted record revenues of $10.7 billion during the first quarter of this year amid adverse effects from COVID-19, said that it was also bullish on achieving greater growth through its other segments.

The company, which operates businesses in gaming, betting, lotteries, racing and pin codes [phone credit top–up vouchers], said that its recently acquired 51 per cent controlling interest in microfinancing firm McKayla Financial services, through its Supreme Ventures Fintech Limited subsidiary, will has also helped to push the company towards more business as it opens up a pool of funds for on-lending to its large network of retailers and customers.

Peart said that despite heightened competition in the lotteries market, the company was more focused on growing its brand.

Providing update on the company’s foray into the South African market with its cash pot product late last year, he said that the company remained hopeful about the prospects despite a slowdown of gaming activities in that country due to adverse effects from the virus.

“We’re still excited about South Africa and we believe that as markets reopen there, we will definitely make the gains that we expect from that venture,” Peart said.

Source: https://www.jamaicaobserver.com/business-report/svl-and-main-event-partner-to-establish-production-company-this-as-companies-seek-to-benefit-from-activities-in-lucrative-entertainment-industry_220858?profile=1056

David Rose – Jamaica Observer – April 23, 2021

Even against the backdrop of COVID-19 and the entry of Izizzi and Luck Play to the gaming market during its first quarter ending March 31, 2021, Supreme Ventures Limited (SVL) saw a 33 per cent increase of gross ticket sales to $23.8 billion in its 20th anniversary year. This while managing to achieve a record total gaming income of $10.7 billion which was six per cent higher than the prior quarter.

SVL’s core non-fixed odd wagering games, horse racing and pin codes segments recorded 17 per cent growth to $6.69 billion compared to its fixed odd wagering games which registered a nine per cent decline to $4.02 billion.

Despite this sharp uptick in business from the revenue standpoint, the company’s gross profit took a 12 per cent hit to $2.02 billion as the group increased payouts for its games during the quarter with its iconic Cash Pot game now rewarding $305 for a $10 bet compared to the $260 at the end of 2020.

Direct costs rose 11 per cent to $8.69 billion during the quarter. Even with this increase in costs, the SVL report noted that there was a 40 per cent increase in prizes paid amounting to $18.3 billion, which they viewed as putting more money back into the hands of the consumer to help drive the overall economy.

The lottery segment reported a 47 per cent decline, its overall result to $629.87 million while sports betting and pin codes contributed $245.82 million and $46.22 million, respectively, to the group’s segment results.

Although SVL included horse racing and video lottery terminals as part of its sports betting segment, Gary Peart, executive chairman of SVL, noted that the company’s horse racing business was on track to record profitability while being driven by mobile platforms. Sports betting achieved a record 50 per cent increase in gaming income to $3 billion.

With selling, general, and administrative costs two per cent higher at $1.32 billion along with lower other income, SVL’s operating profit declined by 29 per cent to $752.71 million. Through positive finance costs and lower taxes, SVL’s consolidated net profit closed the period at $601.7 million with net profit attributable to shareholders down by 20 per cent to $592.26 million. The SVL report noted that this decline in profitability was expected due to the Government’s COVID-19 restrictions, higher lottery liabilities and introduction of competition. Total assets declined by four per cent to $14.9 billion while total liabilities and equity attributable to shareholders closed the period at $9.26 billion and $4.03 billion, respectively.

Source: https://www.jamaicaobserver.com/business-report/supreme-ventures-achieves-highest-revenue-on-20th-anniversary_219884

Supreme Ventures Limited (SVL) has advised that it acquired an additional shareholding in Post to Post Betting Limited, which takes its total shareholding to 80 per cent for an undisclosed amount.

In 2019, Supreme Ventures Limited (SVL) which operates the largest gambling and sports betting network on the island, acquired an initial 51 per cent shareholding in Post to Post Betting.

The latest move raises SVL’s interest from half to four-fifths.

Post to Post offers gaming products including sports betting and horse racing in the Jamaican market under the Post to Post and Anybet brands with over three dozen locations across the island.

Despite COVID-19 and resulting reduced opening hours at betting shops, most segments of SVL performed well with $39.4 billion in revenue from $38.5 billion in 2019. The sports betting segment made less revenue but more profit in 2020 at $8.4 billion and a profit of $338.5 million. This compared to $8.5 billion in revenue in 2019 with a loss of $81.6 million the previous financial year.

The segment profit benefited from a change in format during the year to include horseracing and video lottery terminals as part of sports betting.

“This is due to a change in the chief operating decision-maker, the way in which the business is monitored including the reports used to facilitate management of the segments,” SVL said, adding that each area now has a general manager with responsibility for tracking performance against targeted objectives and reporting such performance to the executive chairman, Gary Peart.

SVL acquired Post to Post as part of its growth strategy to diversify its revenue streams from mainly lottery into sports betting including horse racing.

Source: http://www.loopjamaica.com/content/supreme-ventures-takes-more-post-post

Supreme Ventures Limited (SVL) has locked in a major deal with the Jamaica Olympic Association (JOA), which pledges support for the association over three years to the tune of $45 million.

The landmark deal will see the JOA receiving $15 million annually with a contractual start date of April 1 of this year.

The cash support will span the member associations that fall under the JOA, namely, track and field, rugby, netball and volleyball, to name a few, and will go to the development of sport for the duration of the contract period.

Chief marketing officer of Supreme Ventures Heather Goldson says the agreement is historic and will augur well for sports, especially during these challenging times.

“Our local sporting sector has been hit hard by the effects of the pandemic, but we are cognisant that even though sports have not resumed fully, there is still a need for the development of the various disciplines so we can be ready when the time comes,” she said.

Goldson said that the funds will go towards a heavy schedule of international meets, chief of which is the Tokyo Summer Olympics scheduled for July of this year.

Secretary general/CEO of the JOA Ryan Foster said the agreement has come just in time.

“This historic deal highlights the strong corporate social responsibility of Supreme Ventures and their willingness to reach our stakeholders such as athletes, coaches and sport administrators,” he said. “This partnership signals a tangible contribution of both organisations to the development of sport in Jamaica and the holistic development of athletes.

“The deal will provide more opportunities for athletes to participate at the games managed by the JOA and the ability to partner with a vibrant and innovative company such as Supreme Ventures to assist in growth of sport,” added Foster.

The agreement will have benefits for both signatories. The JOA will receive monetary support for its member associations as they strive to get back to the business of sport and international competition, while SVL will receive exclusive branding rights at select and agreed major meets within its member associations.