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CEO Nalda Garcia estimates that total lottery sales revenue could reach $110 million in the administration’s first year.
byMarco Lopez
Belize City, Monday, August 26, 2024
The Belize government has received $72 million in total revenue from Boledo and lottery sales since it took over less than a year ago. Narda Garica, CEO of the Department of Economic Development, said the game is a way to redistribute resources to low-income Belizeans.
CEO Garcia told reporters today that the government has made a net profit of about $13.5 million in the last eight months. With administrative expenses of less than 1%, about $600,000, the winning rate fluctuating between 69% and 70%, and the payment from dealers of about 15%, Boledo and lotteries have once again become viable sources of revenue for the government.
Funds raised from match sales will be used to support funding of the National Health Insurance Scheme, improve sport and continue to fund charitable foundations.
Garcia said Belize is simply following international standards to control its gaming operations and redistribute those funds to regular players among low-income populations.
“This is what happens; you can never stop gambling or buying lottery tickets. It always comes from all sectors of society; but basically, low-income people are the biggest players,” Garcia pointed out.
She said that while the government could not prove that Bledo Gaming, the previous holder of the Bledo contract, was involved in any mismanagement or false reporting, “they had a hunch”. The record profits reported so far by the Department of Economic Development made that hunch even clearer.
Garcia said the plan would control all gaming operations in Belize by enacting a new law to regulate lotteries and gaming. Garcia said the law has been approved by the Cabinet and is now on the attorney general’s desk.
Conservative estimates put Boledo and the lottery’s net profit this year at around $20 million.
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