CEO Narda Garcia estimates that gross revenue from lottery sales could reach up to $110 million in this first year of government management
by Marco Lopez
BELIZE CITY, Mon. Aug. 26, 2024
The Government of Belize has recorded $72 million in gross revenue from the sale of Boledo and Lottery since its takeover less than a year ago. CEO in the Ministry of Economic Development, Narda Garica said the game is a way to reallocate resources to low-income populations in Belize.
CEO Garcia told reporters today that the Government is recording a net profit of approximately $13.5 million during the eight months. With administrative costs at less than one percent, about six hundred thousand dollars, winning fluctuating between 69% and 70%, and payment of resellers at around 15%, Boledo and Lottery is once again becoming a viable source of revenue for the government.
The funds accumulated from the game sales are earmarked to support funding the National Health Insurance Scheme, and improve sports, and continue to capitalize the charities fund.
Garcia shared that Belize is simply following suit with international standards to control its gaming operation and to reallocate those funds into the low-income population who are regular players.
“This is what happens; you will never be able to stop gambling or playing lotteries. It will always be from all spheres of all sectors of society; but basically, the low-income earners are the biggest players,” Garcia pointed out.
She shared that while the government could not prove Brad’s Gaming – the former holders of the Boledo contract – was involved with any mismanagement or false reporting, “they had a hunch.” A hunch that has been made clearer by the record profits reported by the Ministry of Economic Development so far.
Garcia shared that the plan is to rein in all the gaming operations in Belize with the enacting of new legislation to govern lotteries and gaming. That piece of law has already received the Cabinet’s blessing and is at the desk of the Attorney General at this time, according to Garcia.
Conservative estimates put the net profits likely to be derived from Boledo and Lotteries this year at around $20 million.