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MANILA, Philippines – The company behind the software for the Philippine lottery system grew its income by nearly 80% in the first three quarters of 2023 and marked two “game-changing” milestones, including the launch of its online platform that would entice even more Filipinos to bet.
Pacific Online Systems Corporation of businessman Willy Ocier launched the E-Lotto system of the Philippine Charity Sweepstakes Office (PCSO) last December 15, where users can play lotto games through mobile wallet GCash and other prospective third-party gateways.
Players can also collect their winnings electronically.
In 2024, an E-Lotto application will be available for download on both Google Play and iOS platforms.
Just a day after the launch, PCSO raised the stakes even more by offering over P1 billion in combined winnings for the Grand Lotto 6/55 and Ultra Lotto 6/58 games.
Prior to this, Pacific Online and its partner International Lottery and Totalizator Systems, Inc. unified and centralized the lottery operations from a decade-old legacy system and installed some 6,500 terminals to cater to customers nationwide.
These developments are expected to further push up Pacific Online’s financial performance. In the first three quarters of 2023, total revenues reached P502.4 million – a 40% increase. Meanwhile, net income jumped by 79% to P100.8 million.
Pacific Online attributed the increase to a more open economy in 2023, higher jackpot prices, as well as more terminal sales during the period.
The company returned to profitability in 2022, three years after it incurred losses due to the pandemic. It swung to a P191-million profit as revenues grew 22% to P519 million for the entire 2022.
Meanwhile, Pacific Online’s stock price jumped to P4.95 a piece, representing a one-year return of 216%. – Rappler.com