Lotto Responds to Readers’ Concerns

Details

Business News

Friday, 07 December 2012 02:30

By caribarena news

Antigua St. John's - In the face of what could develop into considerable controversy, executive management of The BiLLe Lotto have responded to questions of taxes and prize payments posed by Caribarena. They have also attempted to put to rest any doubt about the credibility of the operation.

Chief Operating Officer of The BiLLe Lotto Rob Davies said on Thursday that the skeptics must first attempt to understand how the operation is structured before even attempting to understand how prizes and charitable donations are allocated.

On the heels of readers’ concerns, Caribarena had questioned the operation’s management about whether or not there have been over 70 million pounds sterling (GBP) in prize moneys already won since the lottery began over the summer.

The first winner is reported to be a Polish national who won some 10,000 Pounds (PLN 40,770).

The company said that while it has not yet had either a six or seven ball winner – the biggest jackpots available – when these winners do arrive they will be financed “in part” by a “private equity fund” and contributions from ticket sales.

“As with most lotteries, there is an option for the jackpot to be paid as an annuity, which would reduce the initial financial burden required to be paid from current operating costs,” Davies said.

He assured Caribarena that while there have not yet been any major prize winners, provisions are in place for payment to be made to “all winners” regardless of the amount.

Speaking specifically to the prize cited earlier, Davies, who would neither confirm nor deny the value of the pot, said it is in fact an additional bonus draw for persons who played the lottery on a specific draw day.

“We are scheduled to run an additional Million Euro bonus draw over Christmas and will also be holding additional regular bonus draws in the New Year as we continue to build up our business,” Davies said.

Caribarena asked whether the company has far paid any taxes into the Consolidated Fund of Antigua & Barbuda derived from the BiLLe Lotto’s operations, since the twin island state is now its operating base.

Davies, who did not quite answer the question, shifted attention to the charity aspect of the operation, noting that the company is scheduled to run charitable donations through its sister company, The BiLLe Rund Ltd, which is made up of independent directors appointed from within the Antiguan community.

He made a point of noting, however, that since the company is licensed and regulated by the Financial Services Regulatory Commission (FSRC), and in order for it to initially obtain an operating license it is required to submit audited financial accounts as well as a comprehensive business plan that meet the standards required by the FSRC. This suggests the eventuality of taxes.

Rising Prices Raise Concerns Antigua St. John's - The voice of several residents complaining about the high cost of living in Antigua and Barbuda could be heard during the Big Iss... read more

Speaking to the matter of its charitable arm, Davies said that to date the company has made over US$100,000.00 in donations to charitable causes, all of which can be found online.

• < Prev
• Next >