Category: News

Durrant Pate– Jamaica Observer – November 1, 2020
REGIONAL gaming company Supreme Ventures Limited (SVL) is reporting profit of $1.6 billion for the nine-month period ended September 2020, a turnaround of its fortunes after having suffered severe financial haemorrhaging in its second quarter.
The latest company financials show strong recovery from COVID-19’s impact, with 26 per cent increase in quarterly profits. SVL underscored the fact that its performance, similar to other companies both locally and overseas, has been negatively affected by the impact of COVID-19, pointing out that it continues to strengthen and modify aspects of the operations to be agile.
In its just-released third-quarter interim report to shareholders SVL states, “Our group, with its diversified product offerings, has been able to withstand the impact of the risks associated with COVID-19 on the performance while we continue to bolster and adjust aspects of the operations to be agile.”
The gaming company points out that it has rolled out more innovative approaches in how it does business, noting that this will positively impact the way customers interact with games through the new channels.
The improved Q3 performance resulted in profits of $622.8 million, representing an improvement over prior year by $96.3 million. Total gross ticket sales for the quarter amounted to $19.9 billion — an increase of 12.6 per cent over the corresponding period in 2019.
Total gaming income was $10.4 billion, an increase of $409.9 million or 2.5 per cent compared to the corresponding period in 2019. Direct expenses came out at $8.2 billion, which was $613.1 million or 2.7 per cent higher than the prior year. Direct expenses exclude prizes paid for fixed odds wagering games, as these are included in gaming income.
Total prizes paid in the quarter amount to $14.9 billion, an increase of 16.28 per cent compared to Q2, 2019. Additionally, payments to Government agencies and regulatory bodies were 5.2 per cent higher than prior year, ending up at $1.71 billion.
Gross profit for the quarter was $2.2 billion or $354.3 million higher in comparison to the quarter ending September 2019. The increase is attributed to improved performance of the segments as well as the addition of Supreme Route Limited and Post-to-Post Betting Limited to the group results.
The net profit for the nine-month period was $1.6 billion, a decline of $210.8 million or 12 per cent when compared to the same period in 2019. The reduced profitability for this period continues to be as a result of the second-quarter performance which was significantly impacted by COVID-19.
COVID-19 measures such as curfews and social distancing affected revenue for some segments during the quarter, however SVL’s focus during the period was on providing alternative methods to access its products in order to boost revenues.
This has resulted in year-to-date gross ticket sales improving by $2 billion or 3.8 per cent over 2019. SVL has implemented a number of initiatives aimed at optimising cost efficiency. These include a one-time strategic expenditure to support the current business objectives and activities associated with SVL’s planned acquisitions and expenses which support the increased revenues.
In terms of business expansion, the company notes that in addition to the augmentation in sports betting, it is in the final stages of exporting the lottery signal to South Africa, which will increase its earning potential for its lottery products.
SVL told shareholders that the subsidiaries are expected to make a positive contribution to the group’s results, despite the impact of COVID-19 on the operations.
Source: http://www.jamaicaobserver.com/sunday-finance/svl-rebounds-in-q3-from-covid-19-setbacks-gaming-firm-chalks-up-1-6-billion-profit_206649?profile=1754

Gaming giant Supreme Ventures Group (SVG) on Tuesday relaunched its mobile app in a move the company said was a continuing push to dominate the industry through innovations.
The relaunch was done after a live session with popular gaming features such as Cash Pot, Money Time, and Lotto.
According to SVG, the new technology is an upgrade on the existing application which was launched in April 2019.
Supreme explained that the app is expected to provide entertainment, convenience, and better opportunities for gamers, especially as they adapt to COVID-19 safety protocols.
“The mobile app is the first of its kind to hit the Jamaican market and will provide additional features to customers’ comfort, in comparison to the previous release, including an updated and easier access to sign up; availability to iPhone users, and new top-up methods, namely NCB Quisk and debit/credit cards,” SVL said in a news release.
According to Gail Abrahams, vice-president of marketing, communications, and sponsorships, the mainstay of the app is the level of convenience that it provides.
“Gamers can place their bets from the comfort of their home or office, once they have created their unique profile. There is no need to miss a draw, because everything you need to bet is right there at your fingertips,” she pointed out.
The SV Games app is available to all verified and registered gamers over the age of 18 years. The company said it “is an ideal leisure activity for citizens opting to participate in games while remaining socially distant. Additionally, customers are able to stay within budget and enjoy the numerous gaming opportunities in the comfort of their homes”.
The app will be available in the Google Play store, as well as to iPhone users via the app store.
“The group’s mantra is to always innovate and improve existing products for the convenience of the customer. Our venture into the digital space has been a very successful one. The relaunch of our popular SV Games app is timely, as now more than ever our customers need greater accessibility to games, more convenient top-up options, easier withdrawal methods, and better compatibility across multiple operating systems,” said CEO of Supreme Ventures’ Prime Sports Jamaica Limited, Xesus Johnston.
Source: http://www.jamaicaobserver.com/sunday-finance/supreme-ventures-relaunches-mobile-gaming-app_206023?profile=1442

KINGSTON, Jamaica — With Lotto winnings amounting to over $200 million since the year began, Supreme Ventures is welcoming its fourth Lotto jackpot winner for 2020, who has won $73 million.
The jackpot was hit on Saturday, October 17 for draw #1724 with winning numbers 04, 13, 14, 19, 27 and 30.
The company said the winning ticket was purchased at a retail outlet in Allman Town in Kingston, making Wednesday’s winner the fourth Lotto jackpot winner for 2020.
G Walker, the first winner, walked away with $79 million after his February 29 jackpot hit. The second Lotto winner, W Brown collected his $95 million payday dressed as the iconic Darth Vader and captured the imagination of the media and audiences all around the world. The third Lotto jackpot was at $33M on July 22.
Source: http://www.jamaicaobserver.com/latestnews/Fourth_lotto_winner_for_2020_bags_$73_million?profile=1228

In what can be described as a historical and groundbreaking move, the Supreme Ventures Group (SVG) has announced the completion of a deal with Aardvark Software Limited in South Africa to broadcast the Cash Pot game in that country effective October 1.
 
In a release, the company noted that this historical contractual agreement is bringing to fruition, the company’s vision to expand and export its products outside of Jamaica. The company adds that since its sojourn into Guyana in 2018, it has been working to continue its journey of expansion and growth outside of Jamaica.
 
According to SVG, this landmark deal with Aardvark provides access to sixteen (16) operators in South Africa with access to over four thousand terminals.  These operators will all be selling the landmark cash pot product at their locations and watching Supreme’s live draw from Jamaica.
 
CEO of Prime Sports Jamaica Limited, a subsidiary of Supreme Ventures Limited, Xesus Johnston emphasized the importance of the transaction as a game changer and added that the exporting of the game into South Africa leverages a long-standing relationship between both countries.
 
He adds that the Supreme Ventures products are unparalleled and remain the tried, tested and proven best, as illustrated by the growth of the gaming industry. “Our hallmark of providing great games for our customers and a best in class live Draw operation continues to expand beyond our shores.  The team in South Africa recognizes the value of Cash Pot, a unique, exciting game and the first of many numbers games that we will be exporting outside of Jamaica,” Mr. Johnston noted.
 
Managing Director at Aardvark Technologies, Simas Denisovas says he is pleased about this partnership and “is excited to support the distribution of SVL and allow access to new markets for gaming. Many more to come!”
 
The move into the South African market comes a little over a year after the launch in Guyana under the iBet Supreme brand in 2018.  iBet currently offers Sports Betting, Cash Pot and Money Time to the Guyanese market.
The Aardvark platform is a high-performance transaction engine, with exceptionally high bet acceptance rates of more than 500 transactions per second delivering a customized high-end user experience for mobile, web, and retail business.
Other Links:
Jamaica Gleaner
http://jamaica-gleaner.com/article/business/20201004/cash-pot-now-south-africa
Jamaica Observer
http://www.jamaicaobserver.com/sunday-finance/supreme-ventures-takes_204465
Loop Jamaica
https://www.loopjamaica.com/content/supreme-ventures-takes-cash-pot-south-africa

The Supreme Ventures Foundation (SVF) has named four small businesses making a big difference in their communities as part of its flagship Supreme Heroes programme.
Supreme Heroes recognises organisations that are pillars of their communities, unsung heroes who are using their limited resources to lend a hand to those in need.
“Supreme Heroes is, chiefly, a capacity-building programme that seeks to identify persons who are already making a difference. So our participants are already doing the most with what little they have, and we see the impact it is having on the community,” Heather Goldson, director of the SVF, told The Gleaner.
The four heroes include an eco-village in the heart of Kingston and a small shopkeeper in western Jamaica who uses the proceeds from her shop to support the youth in her community.
They are Life Yard in Parade Gardens, Kingston; New Horizon Christian Outreach Ministries in Spanish Town, St Catherine; Jennifer Brown of Miss Jenny’s Shop in Norwood, St James; and Elma Thompson of Miss T’s Hardware and Variety Store in Granville, also in St James.
Nominations for the programme opened on October 21 last year and closed a few weeks later, on November 8. A total of 22 nominations were received from the public via phone and online, traditional, and social media. Entries were judged by a panel comprising partners and Supreme Ventures Group staff, who used a wide range of criteria, including relevance, impact and sustainability, and feasibility.
 

IMPROVING OUTREACH COMPONENTS

Noting that the revenue of these businesses makes outreach possible, a major component of the programme is ensuring that both the outreach and business components are improved through training and capacity building.
“The heroes will be provided with training, resources, and advice on business continuity and sustainability. They have been provided with resources to help with the social outreach that they are conducting for their community over the six months,” said Goldson.
The programme got started in late August, and online training for the Supreme Heroes will begin in October and end in February 2021. The four participants will, among other things, be assisted with the registration of their business and non-profits, financial accounting, and taxation. Risk management and resilience have also been added to the training being offered in response to the coronavirus (COVID-19) pandemic.
Each Supreme Hero was assessed to determine the needs of their businesses by Change Makers Limited, which is organising the roll-out of the programme with the assistance of the Mona Entrepreneurial and Commercialization Centre.
“We wanted to not only provide additional funding to our heroes but also to strengthen their business capacity. Our partnerships with Change Makers and the Mona Entrepreneurial and Commercialization Centre allows us to provide training and coaching across a number of basic business disciplines from finance to leadership,” Goldson shared.
Samantha Chantrelle, founding director of Change Makers, agrees. She said that she is heartened and inspired by the work and response of the participants.
“We are working steadily with them on building their capacity to deliver more and deliver better,” said Chantrelle.
At the end of the programme, all four beneficiaries should be registered whether as a business or non-governmental organisation or both. They will also have a five-year business plan, inclusive of a comprehensive financial plan, and will be provided with basic hardware, software, and knowledge to improve the operations of their businesses, as well as to streamline their outreach programmes.
The heroes also submitted a social project to be worked on for the duration of the programme.
“The social projects were submitted by each hero and is based on the outreach they currently do in their neighbourhood. They were asked to identify a specific need in their community that, when completed, will have a multiplier effect [for] as many persons as possible,” shared Goldson, noting that the project should be sustainable and have the ability to be replicated once the programme has ended.
The organisation with the best-performing project will receive an additional cash grant.
“The grant will be awarded based on who executed [their] project most efficiently and effectively,” the SVF head stated.
 
Source: http://jamaica-gleaner.com/article/news/20200919/svf-names-four-supreme-heroes-programme-bolster-business-and-outreach