Supreme Ventures Limited (SVL) is looking to capitalise on its growing business profile to further expand its platform across the globe following a historic 2022 performance.
The betting, gaming, and lottery company had a record financial year in which it earned $50.87 billion in total revenue from more than $109 billion in total gross ticket sales and hit $3.08 billion in consolidated net profit. This was supported by multi-billion dollar investments in new products, $1.48 billion in property and equipment expenditure, the acquisition of larger positions in some subsidiaries, and rebound in the local economy.
These investments have set the stage for 2023 as SVL plans to build on its platform that includes a reach of more than 2,000 distribution points in Jamaica and expansion of its services across the globe. One such move is the planned launch of its gaming services in Ghana in collaboration with Game Park Limited, which will be the promoter of Pick 1 (Cash Pot) and Pick 4 lottery games in the West African country. It will be executed through its subsidiary Supreme Ventures Ghana Limited that will provide management and technical services to Game Park.
“The reality is that we’re positioning SVL as a technology company. SVL has a platform which you can call the Supreme Life platform. The business that most people see is the gaming business. People associate the brand primarily with gaming at this point in time,” said SVL Executive Chairman Gary Peart in an interview on Tuesday.
He pointed out that the company’s GLI (Gaming Laboratories International) certification for its proprietary lottery software and gaming platform has opened up new doors for the business on the other side of the world. SVL also established single sign on for its various mobile gaming applications in February. These include SV Games app, MBET, JustBet Mobile, and Acropolis Online Casino.
This comes following Peart and Solomon Sharpe’s recent trip to Hong Kong and Australia as they build out other areas of the business and get a better understanding of different markets, especially as they gear up to launch a new bet type. SVL had signed a global distribution deal in December 2020 with Australian technology group BetMakers Technology Group Limited to distribute and export content related to Caymanas Park racing content internationally. Sharpe is the executive chairman of Supreme Ventures Racing and Entertainment Limited.
“Our business in Guyana runs on our proprietary lottery software and that software has now created a platform that we can now bid on other potential markets to run lotteries or to provide technical services and support to a lottery operator in other countries. That puts us in a position where, if we start to get those deals, it will materially increase the revenues and profits of the company,” Peart added on the significance of SVL’s new software.
SVL has also made a move to acquire the remaining 44 per cent interest in McKayla Financial Services Limited and make it a wholly owned subsidiary. Peart sees this move as a way to have greater flexibility in how McKayla will operate under the group and mesh with McKayla’s direct parent Supreme Ventures Fintech Limited (SVFL). Both are awaiting microcredit licences from the Bank of Jamaica.
“So I have fintech, which is going to deal with people who like the digital solutions and I have the terrestrial for people who still want the face-to-face interaction. Both McKayla and Evolve are awaiting final approval from the central bank. As we get those, we can become more flexible and potentially combine them. We can do a lot more and I expect it to be a bigger contributor to overall numbers, certainly for this year,” Peart added on the potential opportunities which exist for its financial technology ambitions.
McKayla’s revenue increased 54 per cent to $82.45 million, but its net loss increased 37 per cent to $19.19 million. While its asset base increased eight per cent to $285.67 million, total liabilities rose 29 per cent to $180.66 million. It sold its property to Supreme Ventures REIT Limited for about $80 million during the year.
Although the business is growing its platform on the backbone of its lottery business, Peart believes that there is much greater potential, especially as it relates to initiatives by the financial authorities to get more people into the formal system. He referenced the Charge Up product, which is a top-up system for digital products that can reach across the country and not be constrained by the limitations faced by the underbanked and unbanked population.
He also highlighted that the company is in talks with the central bank to assist with getting the central bank digital currency Jam-Dex, more widely known by its customers across all levels of the society. SVL had an investor briefing on Wednesday on Mayberry Investments’ Youtube channel.
“So I have now a microfinance solution, both digital and terrestrial; I have a bill payment solution now, which is mainly digital; and we have some other things that we’re seeking approval to roll out. For example, we believe that our bill payment software is one of the best out there, but you might have institutions that might be reluctant to come on board because they don’t see SVL in the slight. The question is not to look on brand SVL, but the question is to look on the product. The product is what creates significant value,” Peart explained about the company’s platform.
Source: https://www.jamaicaobserver.com/business/supreme-ventures-going-global/
