The Mahapola Trust Fund is matching numbers with US lottery solutions provider, GTECH to spin off its own sweepstakes operation next year.
Betting Rs. 400 mn on the operation, the Fund will get full ownership and a minimum Rs. 500 mn retutn on investments, its Director General, Shamila Perera told Lanka Business Online. rn
rnFor its part, GETCH Corp., will manage the venture for 10 years, install equipment, the technology and take away a share of profits in return. rn
rnPerera says a management agreement has already been inked between the parties. rn
rnThe venture is tipped to have Sri Lankans scratching lotteries somewhere in early 2004 with passive lotteries, expanding online later. rn
rnThe new lottery will operate independent of the Development Lotteries Board (DLB), where the Mahapola Trust holds a 51 percent stake, says Perera. rn
rnMeanwhile, proceeds from the lotteries operation, which will be in addition to the proceeds it gets from DLB, will go to increase the financial support avai