Lotto company may have to gamble for long-term licence

Last Updated on Sunday, 8 June 2014, 19:40 by GxMedia

Canadian Bank Note (CBN) may soon have to gamble getting back a long-term licence to operate the Lotto in Guyana, according to President Donald Ramotar.

He confirmed that CBN, through the Guyana Lottery Company, was being given monthly permission to continue its operations because government has been considering tendering for a new provider.

The President said because no firm decision has been made, the company has not been given a “long term commitment at this point in time.”

With CBN/GLC operating the national lottery for 18 years, the President said it was time to search for a better deal. “They have been here a long., long time you know. Maybe, there should be some consideration in going out back to tender to see if we can get a better deal on that,” he said.

Ramotar observed that there were a number of companies in the Caribbean that “seem to be doing well with lottery.” “I know there has been interest. I have had a lot of letters to that effect which I have forwarded to the Ministry of Finance so I know there is an interest and it’s quite possible we can get a good deal,” he added.

The GLC has paid out tens of millions of dollars in winnings and earned much more for CBN and the coffers of the Guyana government.

The opposition has repeatedly raised concerns that lottery revenues are not being deposited in the Consolidated Fund but are in a separate bank account that is being managed by the Office of the President.