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Supreme Ventures Limited Kicks OffPublished November 2, 2009
Sports betting is big business in Jamaica and SVL is signing on.
Brian George has a formidable task ahead of him. Steering SVL (Supreme Ventures Limited) is not an easy task, but as president of the company, he is up to the task.
Big money to roll in
SVL is expected to rake in between $50 and $100 million a year from bets placed on winners. But they are not out of the blocks just yet as they are anticipating a limited roll-out for November 2009.
The reason they are waiting before they spread their wings is the pending amendment to the Betting, Gaming and Lotteries Act. Once the rules are in place, the gambling operations will start in earnest.
Government cashing in too
The Jamaican government realizes there is much money to be made so they are levying a low 9% gross profit on sports betting, as opposed to the former 16.5%.
Supreme Ventures Limited (SVL) has long eyed the sports betting market. They have already acquired Big A Track 2003 Ltd which is another licensed Jamaican company.
SVL is anticipating that wagers will range from a low of $50 to a maximum of $50,000. The Supreme Ventures Group of which SVL is a member, was established 4 years ago. The company initially operated solely as a lottery company for three years.
What games are they covering?
SVL doesn't want to confuse bettors with fancy rules and games they don't understand - at least not initially. So they are limiting their operations to include NBA Basketball, Football, Track and Field and Cricket.
SVL acquired 100% of the shareholdings in the Jamaica Lottery Company in December of 2003. This allowed SVL to gain a better foothold in the gaming industry.