SVL looks to cash cows to popularise mobile betting app
Published:Friday | April 12, 2019 | 12:22 AMAvia Collinder - Business Reporter
Having secured the approval of the gaming regulator in March, Supreme Ventures Limited (SVL) began rolling out its mobile app to the mainstream market last month, which allows for private betting.
Except for a four-hour lockdown, from 2 a.m. to 6 a.m. daily, subscribers to the app will have access to “gaming on the go from anywhere,” says SVL Vice-President of Marketing Communications & Sponsorships, Gail Abrahams.
The four-hour lock-off is consistent with SVL’s current gaming model and product offerings.
The app features the company’s two most popular games, Cash Pot and Money Time – cash cows that together generate ticket sales of $36 billion and pay out prize money that topped $25 billion last year – but others will be added over time.
Alerts will be issued for winning bets, which are collectable through retail centres and is similar to the channels used for payouts for bets placed through lottery agents. Abrahams says the system for payments and redemptions is a security measure approved by the Betting, Gaming and Lotteries Commission.
Alternatively, gamers may exercise the option to wager their winnings on future games.
On sign-up for the app, subscribers can add up to $650,000 to their accounts at SVL agent windows and other locations named by the company. The minimum top-up is $100.
Gamers will also have daily wagering limits, ranging from $50,000 to $325,000, depending on the holdings in their accounts, and persons may place several bets on one draw or on draws in the future, which they can track through the app.
Users can also keep track of their bets, as they are stored on their unique profile, Abrahams said.
There are two types of spending limits associated with the app – monthly top-up and daily wagering. Monthly top-up limits range from $100,000 to $650,000, while daily wagering limits range from $50,000 to $325,000.
Abrahams declined to share the numbers on Jamaicans who game currently, but says SVL expects to grow its subscriber base through the app, while providing an alternative for betters who dislike the brick-and-mortar model. That system involves lining up at an agent window.
“We are expecting an increase in revenue by making the game more convenient, so our players never miss a draw once they have the app and are fully registered and verified. So, obviously, more bets will be placed as a result,” she said.
“We expect that our customers will receive the app favourably. For now, we are focused on ensuring a high success rate for the games offered on the app and to roll out additional games currently offered by SVL in the future.”
For the year ended December 31, 2018, the company posted ticket sales of $43.48 billion from all fixed-odds wagering games. Sales from non-fixed odds wagering, including horse racing, was $19.48 billion.
The company, managed by President and CEO Ann-Dawn Young Sang, also posted profit of $2.1 billion.