The Development Lotteries Board is facing a major financial issue with the nonpayment of Rs. 2.5 billion in default taxes by the administrators of the previous government.
Chairman, CEO Romesh Jayawardhana speaking to Daily News Business said that profits from the Development Lottery are credited to the President’s Fund and Mahapola Scholarship Fund enabling many students to achieve higher education.
“However due to the payment and settlement towards this debt we are compelled to cut down on our contribution for this national cause.” He said that with prudent economic management they will be able to pay back Rs. 1.4 billion back to the government by end of November 2017.
He said that there revenue increased by 24% in 2016 from 15% in 2015. “However we will not be able to better this due to these default taxes in 2107,” he said. He also said that the strike action by vendors this year due to the lowering of agents’ commission also would have a negative impact for their bottom line this year.
Jayawardhana said that they will introduce novel marketing tools and launching innovative ways to satisfy customers. “We just introduced a new lottery ticket titled ‘’Ada Kotipathiya” (Today’s millionaire) that has revolutionized the market. The draws for the new lottery will be held on all seven days of the week,” he said.
The new lottery ticket, launched on August 15, offers array of prizes offered are also innovatively designed starting with a mammoth jackpot of Rs. 50 million.
A collection of other prizes ranging from Rs. 100,000 to Rs. 1,000,000 are also offered. The objective of Development Lotteries is to continue to uplift the development services provided to the nation.
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