(Photo: Betting Gaming and Lotteries Commission)

Supreme Ventures increases holdings in Post to Post Betting

(Photo: Betting Gaming and Lotteries Commission)

Supreme Ventures Limited (SVL) has advised that the Company has acquired an additional 29 per cent shareholding interest in Post to Post Betting Limited, bringing its total shareholding to 80 per cent.

Post to Post Betting has exerted control on about 73 per cent of the bookmaking market, based on sales, according to data published by regulator Betting, Gaming and Lotteries Commission.

Previous shareholders included Albert Chow, Lloyd Hoo Mook, Natasha Hoo Mook, Icilda Hoo Mook, Natalia Hoo Mook, Alexander Chin and Rodney Chin.

In July 2019, Supreme Ventures first closed on its initial buy into the betting company, acquiring a 51 per cent stake in Post to Post, which trades as AnyBet. The deal brought sports betting, horseracing, slot machines, and virtual gaming operations under the SVL Group.

Jockeys surge for the finish line during an event at Caymanas Park in St Catherine, Jamaica (File photo)

An additional purchase clause in that older agreement led to the new 29 per cent acquisition at a cost of JM$375 million.

Supreme Ventures Group or SVL Group, has been in acquisition mode over the last year. In January 2020, SVL, through subsidiary Supreme Route Limited, formerly known as Bingo Investments Limited, bought a 51 per cent share of Champion Gaming Limited for JM$2.78 billion in cash and 49 per cent of SRL equity.

Supreme Ventures completes acquisition of Champion Gaming

And in May 2020, SVL and I.C.E. Jamaica also agreed on the purchase of gaming machines and other assets for US$3.5 million.

Then in February 2021, SVL bought 51 per cent interest in microcredit company McKayla Financial Services Limited for an undisclosed sum, via Supreme Ventures Fintech Limited.

Revenues were flat for Supreme Ventures Limited in the last year. The company ended the financial year 2020 with earnings of JM$2.42 billion, compared to JM$2.47 billion net profit earned in 2019.

Profit attributable to owners of the company slipped from JM$2.4 billion in the previous year to JM$2.3 billion.