The income of the firm responsible for the software powering the Philippine lottery system surged by almost 80% during the initial three quarters of 2023, achieving two significant milestones. These milestones include the introduction of an online platform that aims to attract a larger number of Filipino bettors.
Willy Ocier’s Pacific Online Systems Corporation successfully launched the E-Lotto system for the Philippine Charity Sweepstakes Office (PCSO) on December 15. This innovative system allows users to engage in lottery games through mobile wallet GCash and potential third-party gateways. Additionally, players can conveniently receive their winnings electronically.
Looking ahead to 2024, an E-Lotto application will be made available for download on both Google Play and iOS platforms. Just one day after the system’s launch, PCSO elevated the stakes by offering over P1 billion in combined winnings for the Grand Lotto 6/55 and Ultra Lotto 6/58 games.
Prior to this, Pacific Online, in collaboration with its partner International Lottery and Totalizator Systems, Inc., overhauled and centralized the lottery operations, replacing a decade-old legacy system. Approximately 6,500 terminals were installed nationwide to cater to customers effectively.
These strategic moves are anticipated to further bolster Pacific Online’s financial performance. In the initial three quarters of 2023, total revenues reached P502.4 million, marking a notable 40% increase. Simultaneously, net income surged by an impressive 79% to P100.8 million.
Pacific Online attributes this remarkable growth to the more open economy in 2023, increased jackpot prices, and heightened terminal sales during the specified period.
After facing losses due to the pandemic, Pacific Online returned to profitability in 2022, posting a P191-million profit as revenues grew by 22% to P519 million for the entire year. Meanwhile, the company’s stock price experienced a substantial one-year return of 216%, reaching P4.95 per share.
The Philippines has lagged behind other countries in terms of lottery technology but is now slowly starting to catch up. The better the technology, the better it is for the whole gaming industry. The convenience of being able to use a mobile device will help attract more players and also give more options for types of games they can play.
