Supreme Ventures digs deeper into technology and investment spending

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Peart…we will continue to expand and develop all digital offerings as needed by the market.

With a plan to expand offerings and services regionally, Supreme Ventures Limited (SVL) has received a Gaming Laboratories International (GLI) certified mark as part of its plan to deepen its technology and investment plans global for the future.

GLI is an international company that provides testing and certification services for the gaming industry in over 480 jurisdictions around the world. Its customer base includes gaming operators and regulators who rely on independent testing and inspection of electronic gaming products, certifying gaming products based on their laboratories’ testing, inspections, and compliance determinations.

GLI certification has been granted to SVL’s mobile gaming platform which includes original technology which is the intellectual property of SVL. Although it can be used to run all lottery games, SVL currently uses software from International Game Technology PLC (IGT) in Jamaica. This leaves SVL as one of two companies in the region to be GLI certified and gives SVL the ability to offer it as a service to other operators. It also opens up the possibility of entering regulated markets that require GLI certification or the Benelux Association for Trademark and Design Law.

“The jurisdiction of the BGLC is Jamaica. The GLI certification of this software allows us to use it globally. As mentioned, being GLI certified allows us to offer our services globally if we wish. On time Currently, we are focusing on existing strategic imperatives that are being executed. Increasing our digital footprint is one of the key objectives of our five-year strategic plan, and growth is well on track across all areas. platforms,” said Xesus Johnston, Chairman and CEO of Supreme Ventures Gaming Limited, formerly Prime Sports (Jamaica) Limited.

Johnston…growing our digital footprint is a major goal of our five-year strategic plan.

SVL currently has its SV Games application, MBET and JustBet Mobile like some of its current mobile apps for users of its betting and gaming, horse racing and sports betting offerings, respectively. It also has Acropolis Online Casino linked to its Acropolis operation and its Supa Sellaz program linked to its mobile lottery vendors. This is all part of expanding not only its retail network, but also the reach of its product offerings across Jamaica.

“Individuals can place bets on all SVL offerings on the relevant platforms. The mobile gaming platform will allow SVL customers in this market to place bets on the number of games through a mobile application and a web application This latest technological milestone achieved by the company ensures that its core lottery and gaming businesses continually grow and evolve,” Johnston added.

The next major step for SVL will be the rollout of fintech products under its fintech arm, Supreme Ventures Fintech Limited (SVFL). He is currently pushing the Evolve brand which includes an artificial intelligence powered digital microfinance lending product. SVFL will also include bill payments, loans and other financial services. It is currently being tested internally within SVL’s retailer network ahead of potential roll-out to the general public as part of the microcredit company McKayla Financial Services Limited. SVFL owns 51% of McKayla which is in good standing with the Bank of Jamaica pending processing of its microloan license.

“The development of our suite of fintech products has gone very well so far and we are in the soft launch phase with Evolve Pay on our Twin Gates site. We can say that the launch of additional products is still underway and we are through the product development process,” Executive Chairman Gary Peart told Sunday finances.

Peart’s compensation as chairman has increased under his current contract where he is paid in SVL stock instead of cash. SVL is up 56% year-to-date at $27.79 per share and 45% since April 1. SVL’s market cap is $73.29 billion.

“This relationship has gone quite well and MO Technologies has been a cooperative and responsive partner. Our retail partners have responded well to the loan offer, and we are pleased with the take-up rate as it matches our Our goal in this particular area is to enable our retailers to ‘evolve’ and grow their business, and we see that goal being met,” Johnston said of his technology partner for SVFL. MO Technologies is headquartered in Bogotá, Colombia.

MO is a business-to-business fintech that helps businesses launch their credit operations through an innovative credit scoring model that assesses potential customers based on behavioral data without access to personal information. The credit scoring engine was designed to meet the needs of the unbanked population. MO launched operations in Jamaica in 2020 and does business globally.

“We are focused on the strategic imperatives currently underway, and we have also invested in Keo. This is an independent action from the general development of fintech. We are always looking for lucrative opportunities to grow our business and if this opportunity arises, we would assess its potential like any other,” Peart explained on KEO World Inc.

SVL invested $154.28 million or approximately US$1 million in KEO in February. KEO closed a US$20 million growth round in June, led by Montreux Growth Partners with additional funding provided by Mayberry Investments Limited and Avior, as well as a credit facility from Hayfin Capital Management. KEO noted in its press release that this will fuel its Workeo small and medium-sized enterprise (SME) inventory financing program in the United States and Latin America. KEO World is a buy-now-pay-later, business-to-business fintech that currently works with over 16,000 businesses, including some in the Dominican Republic.

Peart is the CEO of Mayberry Investments and noted that October will see significant changes from the SVL Group. SVL purchased 10% of Main Event Entertainment Group Limited (MEEG) in April 2021 for $105 million at $3.50 per MEEG Holdings Limited share. MEEG stock closed at $7.95 on Friday, valuing the stake at $238.50 million. SVL intends to form a production joint venture with MEEG in the future.

While its rollout in Guyana has been slowed by the novel coronavirus, SVL is gearing up to capitalize on the space with the mobile gaming platform currently rolling out there. SVL is also looking forward to streaming its Cayman races in South Africa and its international offering through BetMakers Technology Group Limited.

“Mobile has been used in our business in Guyana almost from the start. Our mobile sports betting product is one of the most popular in the suite, and we will continue to develop and expand all digital offerings as market needs dictate. “, concluded Peart.

SVL has had a strong half-year so far, with total gaming revenue up 18% to $25.47 billion and net income attributable to shareholders up 34% to $1.62 billion. Its total assets increased 18% to $18.33 billion, with shareholders’ equity increasing 4% to $4.27 billion. Its second-quarter gross ticket sales rose 21% to $28.3 billion and accounted for 47% of the $59.97 billion in industry sales for the period. The lottery segment also includes Goodwill Gaming Enterprises Limited and Mahoe Gaming Enterprises Limited.

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