Author Archives: Supreme Ventures

Neville Graham– Jamaica Gleaner – August 7, 2020
Supreme Ventures Limited, SVL, has added a new business line which will see the company providing back-office support services to clients.
Circumstances have forced the company to become more agile at a period when jobs and disposable income have been erased by COVID. And more challenges are coming for the SVL Group with the expected market entry of a rival in the near future, which will test the resilience of its hold on a lottery market in which it has reigned alone for some 19 years.
The business hub has been rolled out amid a decline in revenue for the gaming company that has seen a reduction in subscription to its lottery games occasioned by the coronavirus pandemic.
CEO of SVL Shared Services Limited, Dennis Chung, says the idea for the business hub emerged from a board mandate last year, and was meant to leverage the company’s technological expertise and assets into new revenue streams.
The new unit, which SVL spent $15 million to set up, will offer corporate secretarial, marketing, human resources and payroll, office administration, security and facilities management, among other services.
“We’re not selling just accounting or HR, but rather, a total back-office solution. When we do that, a business no longer has overheads like dedicated back-office personnel, office space or even parking,” Chung told the Financial Gleaner.
“We can say to a medium-sized business, it will cost you $300,000 per month and at the end of it we will provide everything, from financial statements, filing returns, and so on. All they will have to do is to meet with us once per month to review the numbers,” he added.
The hub will operate from Retirement Crescent where SVL expanded by 1,000 square feet, to 12,000 square feet, to accommodate the new operation. SVL is also relocating all its operations from the Sagicor Building in New Kingston to the complex.
“With work-from-home schedules being put in place, we consolidated all the staff at Retirement,” Chung said.
The hub marks a new phase in SVL Shared Services’ build-out, the unit having began with in-house services, inclusive of all the accounting, HR, finance, taxation and other administrative functions for all SVL divisions and the fledgling operations in Guyana.

Organisational Changes

SVL Shared Services came out of organisational changes at the group level in November 2019. At that time, Chung was named to head up the division, and Xesus Johnston was named as CEO of Gaming and Operations. SVL Chairman Gary Peart, at the time, said the two divisions were created to drive revenue growth and support regional expansion.
SVL Shared Services has a staff of about 70, which Chung said represented the largest block of employees in the group. He says the $15 million spent on the move to Retirement Crescent is expected to pay for itself within a year.
He also said SVL Shared Services’ contribution to SVL Group’s profitability won’t be immediate, but should start manifesting in 2021 and beyond.
SVL is a two-decade-old business that has held a virtual monopoly over the lottery market. However, a second player, Mahoe Gaming, is set to enter the business, having made progress towards obtaining a licence from the Betting, Lotteries & Gaming Commission.
It spells future pressure on SVL’s revenues.
For the three months ending June, during which Jamaica was mostly on lockdown, SVL’s quarterly sales declined by more than 20 per cent, or $1.84 billion, to $7.41 billion.

COVID-19 Impact

Chung says that, understandably, the COVID-19 pandemic dealt a heavy blow to the group’s operations.
Most of the gaming company’s six business segments were on lockdown, including horse racing, gaming machines deployed at bars, sports betting and gaming lounge operation.
Pin code sales and lottery games remained operational.
For the six months ending June, SVL made net profit of $929 million, down by 25 per cent year-on-year. Most of the decline came in the second quarter, where net profit shrank to $192 million compared to $624.27 million in the 2019 period.
Total revenue for the first six months of 2020 was $17.5 billion, down from $18.6 billion for the similar period in 2019.
Since June, the Government has been cautiously reopening various segments of the Jamaican economy. Horse racing has resumed without spectators, and bars and lounges are allowed to operate at about 25 per cent capacity, amid an 11 p.m. curfew.
Chung says the adjustment forced by COVID-19 convinced the SVL team that its back-end operations system could be extended as a service to small and medium sized businesses without disrupting their own in-house operations.
 
Source:
http://jamaica-gleaner.com/article/business/20200807/svl-diversifies-back-office-services

KINGSTON, Jamaica — Supreme Ventures Limited has announced the latest winner of its lotto jackpot — a man, known only as H Wilson, who scored $33 million.
He won draw #1699 on the July 22 with the numbers 04, 07, 11, 12 and 23…the same ones he has been playing for 10 years.
“I always play those same numbers and print them back for every draw, the exact same numbers. And when I saw the numbers, I couldn’t believe I had the exact numbers in the same order as the draw,” Wilson said.
Wilson purchased his winning ticket at Maxim Four Star Enterprise in Spanish Town on the very evening of the draw around 7:00 pm. While he avidly purchases his Lotto tickets, he was not quick to check his ticket and waited three days before even looking at the draw results.
“I didn’t know right away,” Wilson said. “I was busy so I didn’t check it until the following Saturday at the terminal,” he said.
Wilson, who is a painter by trade, says he plans to continuing practicing his profession in spite of his $33-million windfall.
“I still have jobs all over the place that were postponed due to COVID. I plan to continue working but I want to take it to the next level and get a pickup and more tools.”
He says while his life before the win was comfortable, he always knew that he would win the Lotto one day.
“I said to myself that I want to win this thing. I’d watch the draw and think how easy it would be to win. I still buy my Lotto tickets since the win with the same numbers, just in case I win again. Those are my numbers, I’m going to die with them,” he chuckled.
Wilson, who collected his winnings on Wednesday, August 5 dressed as the iconic Mario from the Mario Brothers video game franchise, says he is still in shock and can’t explain how happy he is with his new millionaire status, “this is a first in a lifetime experience. I can’t believe this really happened for real, it still feels unreal.”
Wilson has won Cash Pot several times since winning the Lotto.
Source: http://www.jamaicaobserver.com/latestnews/$33m_lotto_winner_has_played_same_number_for_10_years
Other Sources:
Loop Jamaica
http://www.loopjamaica.com/content/latest-lotto-jackpot-winner-reveals-his-secret-securing-33m

The Supreme Ventures Group (SVG) recently announced the launch of a Business Hub solution aimed at extending the company’s premium business services to medium-sized businesses in Jamaica and the region.
The Hub is to be headed by Dennis Chung, chief executive officer (CEO) of Supreme Ventures Services Limited. The focus market of this Business Hub is to target medium-sized local businesses with annual revenues of $15 million or more that require an efficient and affordable back-office management.
According to Chung, who joined the conglomerate in 2017, the Hub became a part of the company’s vision last year when they began to focus on diversifying the revenue portfolio beyond gaming and restructuring to a more multi-level entity.
“One of the things that have really kept the group going through the pandemic is the strength of our back-office operations. We realised how much effort goes into the daily operations and that with some adjustments we could offer these services to other businesses,” he said, noting that the group’s back-end operations during the COVID-19 pandemic provided the perfect launching pad for the initiative.
The Hub is aimed at providing support to medium-sized businesses that may not have the resources and time to dedicate to the back-office operations of their business including tax and other statutory returns, payroll, receivables, financial statement preparation and maintenance, and collections. It is a digital back-office solution, and is focused not only on any particular service but is all about providing a total solution to the back-office challenges.
“Medium-sized businesses need to focus on revenue and getting money through the door. Filing and the everyday back-office operations distracts them not only from making that money, but also causes them to have to invest that money in infrastructure and resources for non-revenue generating activities. What we are offering is access to our very broad back-office operation that will give them that freedom to pursue cash flow, at greater value added, while we manage the rest,” Chung said while speaking in a recent interview with media personality and business analyst Kalilah Reynolds.
He outlined a list of services including finance, technology, corporate secretarial, marketing, human resources and payroll, office administration, security and facilities management which will be initially offered by the Hub.
“We have a very comprehensive back-office operation and we have extensive experience in meeting regulatory filing deadlines, accounting and the digitising of accounting systems and what we’re offering will allow businesses to not only get rid of the hassle of doing these things, but give them access to our experienced team,” he added.
Chung shared that since a soft launch in July, the venture has already started to attract several prospective clients, which has moved the company to install the relevant internal resources to service the business.
“The Hub is another win-win situation for the group, not only are we assisting local businesses to build and grow, which is something I am personally passionate about, but by engaging our staff in the Hub, we are offering an opportunity for them to expand as well. The new working world demands that employees are multitalented and experienced, and the Hub will foster this; and of course, our shareholders will appreciate the rise in the value of the group as we generate more revenue,” he closed in saying.
Source: http://www.jamaicaobserver.com/business-report/svg-launches-business-hub-for-medium-sized-entities-in-the-region_200186?profile=1442
Other Source:
Loop Jamaica
https://www.loopjamaica.com/content/supreme-ventures-launches-business-solution-hub

If the back office had been a thoroughbred in the recent Guineas, the owner Supreme Ventures would have been in the winners’ enclosure. The race commentary could have read, “Winning with a work-from-anywhere attitude, Supreme Ventures’ back office turned in a countrywide performance for its owners, handlers and fans.”
Aden Whittaker, vice president of operations and IT services, recounted how the transformation was triggered. “While most people see challenges when there are problems, not so for the members of Supreme Ventures’ Shared Services, in particular the IT Department,” he said.
When faced with potential lockdown of the company due to the pandemic, the IT department was mandated by management to quickly transform the business to ensure operations could continue seamlessly. This led to the conceptualisation and execution of SVL’s digital back office solution.
Whittaker pointed out that the solution saw full automation of its manual processes, which included documents being signed electronically and processed in real time thus increasing operational efficiency. Other aspects of the roll-out saw SVL’s workforce being empowered to work from anywhere. They were quickly equipped with the tools which allowed them to securely connect and access all relevant corporate applications remotely, in a very secure manner.
This transformation hasn’t gone unnoticed and has subsequently led to the recent launch of the SVS Business Hub, which offers a suite of services to small and medium-size enterprises (SMEs). This innovation is being powered by technology, and the idea is to foster efficiency while facilitating the flexibility required to adapt to different businesses and scenarios.
While the effects of COVID-19 have undoubtedly been significant and the effects continue to be impactful, the company believes that with the right skills and a push towards embracing technology, companies and the country will be stronger, just as SVL has become by digitising its back office.
As Whittaker reminded, “We seized the opportunity where others may have seen a crisis
 
Source: http://www.jamaicaobserver.com/digital-life/Supreme_Ventures_back_office_win_199853

Supreme Ventures Group (SVG) has announced the addition of a new game to its lottery product.
The game, Hot Pick, is the latest addition to SVG’s suite of popular number-based games and is expected to add more excitement in the gaming market, the Supreme  Ventures said in a press release.
CEO of Prime Sports Jamaica Limited, a subsidiary of the Supreme Ventures Group, Xesus Johnston said the new game is part of the group’s move to continuously innovate through technology and the provision of new products.
According to Johnston, “We have done the research, listened to our retailers, customers and the general public to understand the varying needs of our gamers. Our existing and upcoming products and innovations are aligned with all our stakeholders. One of the main areas of interest we have seen is games with varying odds.  Hot Pick gives gamers the chance to play with lower odds and random prizes that increase their chances of winning and ups the ante on their entertainment.”
With the Hot Pick game, for a minimum $10, gamers will choose a number from 1 to 15 for a chance to win a random prize of $100, $110 or $130 on their bet. For each wager, the prize will be revealed on their ticket. Players have a greater chance of “catching” their selected numbers with the odds down to 1:15. The game has six draws per day (8.30 am, 10.30 am, 1 pm, 3 pm, 5 pm and 8.25 pm) and will be available every day except Christmas Day and Good Friday, like all other SVL games.
The CEO added: “the Supreme Ventures Group has been leading the charge in being the number one gaming and entertainment brand in Jamaica and the number one sports betting company in the region. We have the resources and we are moving full speed ahead to ensure we remain top of our game while staying close to our customers to give them value for their money.”
 
Source: https://www.loopjamaica.com/content/supreme-ventures-launches-new-numbers-game