Lottery firm profits surge

By Hung Le   September 23, 2019 | 11:15 am GMT+7
Lottery firm profits surge
Capital Lottery Company's tickets for sale in Hanoi. Photo by Shutterstock/Vietnam Stock Images.

Capital Lottery Company reported net profits of VND11 billion ($473,000) in the first half, more than double its entire 2018 figure.

The state-owned company’s revenues were virtually unchanged from the same period last year at VND310 billion ($13.34 million), according to its first-half financial statement recently released. 

But there was a 7.2 percent year-on-year fall in costs to VND230 billion ($9.9 million), equivalent to VND17 billion ($731,000). This was a result of both lower operating costs and payouts during the period, the management explained.

Besides competition from illegal high-stakes gambling rings, the Hanoi-based traditional lottery firm has also been facing competition from lottery firm Vietlott, which introduced American-style computerized lottery services in 2016, Capital Lottery Company’s management said.

The traditional lottery involves tickets with numbers printed on them, and offers a top prize of VND2 billion ($86,000), which was increased by 33 percent at the beginning of last year.

 
 
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