Taiwan Lottery Co (台灣彩券公司), the subsidiary of CTBC Financial Holding Co (中信金控) and exclusive Public Welfare Lottery operator, yesterday set its ticket sales target for this year at NT$105 billion (US$3.47 billion), enough to break even in the first year after winning another 10-year contract.
Taiwan Lottery president Joy Huang (黃智宜) announced the revenue target on the sidelines of a promotion campaign in Taipei.
Ticket sales totaled NT$123.35 billion last year, the highest since the issuance of the Welfare Lottery in 2002, Huang said.
“We prefer a modest revenue target, though it is already higher than the recommendation of NT$888.8 billion set by the Ministry of Finance,” Huang said.
The company recorded a pre-tax income of NT$798 million last year, up 21.46 percent from NT$657 million in 2012, the senior executive said, declining to provide after-tax figures.
The bank-focused conglomerate in October outbid Taishin Financial Holding Co (台新金控) to run the lottery for another decade starting this year, thanks to a record offer of NT$27 billion in cash rewards over the following 10 years and promises of stronger operations and welfare contributions.
Taiwan Lottery will increase jackpots by an additional NT$700 million for various lottery ticket winners during the Lunar New Year season, which runs from Jan. 31 to Feb. 12, Huang said.
The promotion campaign aims to boost overall ticket sales by NT$6.5 billion this year, compared with NT$5.04 billion during the campaign last year, Huang said.
“The larger the rollover, the stronger the buying interest,” he said.
He added that more people try their luck for jackpots when no one wins regular draws.