Net profit fell 23.6 per cent caused by weak turnover from jackpot gamesThe Lottery Corporation chief executive Sue van der Merwe said the aggressive marketing of offshore lotteries had not had a financial impact on the $11.5 billion giant, but claimed the advertising push was concerning newsagencies that take a cut from local competitions.
“We haven’t seen any impact on our business at this point,” Ms van der Merwe said. “What we have seen is a material step-up in the advertising very aggressively across the country from those entities. Revenue for the 2023 financial year grew 7.2 per cent on a reported basis to $3.5 billion, and EBITDA before significant items climbed 17 per cent to $713.2 million. The increase was driven by a 16.3 per cent increase in Keno turnover.
Ms van der Merwe said the business was focused on its own product offering and distribution channels, rather than international opportunities or offshore providers. “We’re going to be focused on always looking ahead and making sure we do what we need to do,” she said.