Chinatrust Commercial Bank (中國信託商業銀行), whose subsidiary Taiwan Lottery Co (台灣彩券) operates the Public Welfare Lottery, will continue to manage the lottery after it agreed to provide NT$27 billion (US$920.87 million) in cash rewards from 2014 to 2023 to the government.
The record-high NT$27 billion level in cash rewards over the next 10 years helped Chinatrust outbid Taishin International Bank (台新銀行) — the other applicant — to continue its right to issue lottery tickets after its current rights expire at the end of next year, the Ministry of Finance said yesterday.
“It is a non-controversial result that was reached by a consensus of the selection committee,” Vice Minister of Finance William Tseng (曾銘宗) told a press conference.
The amount of cash rewards only accounted for 20 percent of the overall criteria considered by the committee, Tseng said.
The committee evaluated the two applicants by assessing eight criteria, such as the ability to operate and manage the lottery, capability to maintain stable relationships with lottery distributors, financial planning and the public interest, he added.
Overall, Chinatrust outperformed Taishin to win the bid by a considerable difference, Tseng said, adding that the selection process was fair and transparent.
The ministry established the 12-member selection committee in May, with three government representatives and nine external members, including academics and representatives from socially vulnerable groups.
Based on the operation plan submitted by Chinatrust, the issuance of lottery tickets is expected to generate a total revenue of NT$1.088 trillion, or NT$108.8 billion a year, between 2014 and 2023.
The company is also expected to create public welfare revenue of NT$289.5 billion and tax revenue of NT$59.7 billion over the next 10 years, Chinatrust Bank vice chairman Hsueh Hsiang-chuan (薛香川), who is also chairman of Taiwan Lottery Co (台灣彩券), said in a statement.
The bank said it was planning to create new lottery products to boost consumers’ interest, hoping to break the annual issuance record of NT$101.2 billion recorded in 2002, when Taipei Fubon Bank (台北富邦銀行) managed the lottery.
“The company will start preparation work immediately, including the selection of computer system suppliers and ticket distributors before it can begin new ticket sales on Jan. 1, 2014,” Chinatrust in a statement.
Tseng said the ministry expected Chinatrust to continue raising the Public Welfare Lottery’s profile and increasing sales to create a greater profit.
In 2005, Chinatrust beat Taipei Fubon to become the lottery’s managing agency by offering NT$14.61 billion in cash rewards over a seven-year period. That period began in 2006 and expires at the end of next year.
Additional reporting by Kevin Chen
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