Lottery operator Pacific Online Systems Corp. said Thursday it is venturing into digital betting to make it more convenient to customers.
Pacific Online said in a disclosure to the stock exchange it signed a memorandum of agreement with state-run Philippine Charity Sweepstakes Office for the trial implementation of a web-based application betting platform.
“Through the WABP, the PCSO aims to develop and promote more marketable, adaptable, resilient and trendy betting platforms, taking into account the evolution of the gaming market and the advancements in technology,” Pacific Online said.
Under the MOA, the trial run for the WABP will be implemented for one year, subject to renewal. Pacific Online will act as PCSO’s exclusive agent and expects WABP to generate gross revenues equivalent to 14 percent of PCSO’s gross sales.
The share price of Pacific Online surged to a 52-week high of P3.90 per share Thursday, up 35 percent from previous day’s close.
PCSO has no facility that sells lotto ticket online. Interested lotto players will have to purchase lotto tickets to over 7,700 lotto outlets nationwide.
The shift from face-to-face to electronic transactions by clients to remote betting is expected to boost the company’s revenues.
Pacific Online is engaged in leasing of online betting equipment of PCSO. It also provides the technical support to the PCSO through a maintenance repair agreement, which is co-terminus with its equipment lease agreement.
Net income of Pacific Online surged by 197 percent in the first half of 2023 to P145.1 million from P48.9 million in the same period last year as revenues climbed 57 percent to P343.3 million, driven by increased lotto sales.