CAIXA expects revenue from the product to reach up to R$2 billion (US$ 365m), according to a conservative estimate. The projected revenue amount is for this period.
The exclusivity period begins with the first issue of lottery tickets in physical or digital form. On March, CAIXA CEO Carlos Vieira commented that the initial intention was for the product to be sold in the first half of 2024, but there were pending issues regarding its operationalization.
On July 22nd, Caixa Loterias – a subsidiary of the bank – signed a contract with the LTX Brasil consortium. The company that will provide the services will be remunerated by means of a percentage of the product's revenue.
Operation
Of the amounts to be collected, 65% will be allocated to the total prize payout. In practice, this is the amount that will be returned to the bettor.
In addition to lottery outlets, bets can be made virtually, using a simulator. Prizes up to R$2,259 (US$ 412) will be redeemed at lotteries. From this amount onwards, the winner will have to go to a Caixa Econômica branch.
In December 2023, the Ministry of Finance authorized the financial institution to resume Lotex. Bet amounts will range from R$2.50 (US$ 0.45) to R$20 (US$ 3.65).
For the cheapest ticket, prizes should reach up to R$250,000 (US$ 45,656) . The maximum amount for each game will result in payments of up to R$2 million (US$ 365,000). Until 2015, when the ‘raspadinha’ was discontinued, games cost between R$0.50 (US$ 0.10) and R$2 (US$ 0.35). At that time, the maximum prize was R$600,000 (US$ 110,000).
The bank is considering the possibility of redemption being made online to make it more convenient for bettors.
What the return would be like
Lotex operated in Brazil from the 1960s until 2015, when it was discontinued by order of the CGU (Office of the Comptroller General of the Union), which challenged the legality of its operation. In 2018, new legislation resumed the modality in the form of a concession, through a bidding process. At the time, 2 auctions were held without attracting interested parties. The requirements were relaxed and, in 2019, the companies IGT (International Game Technology) and SG (Scientific Game), in the form of a consortium, won the bid for the first Lotex concession held in the country.
The group planned to start operations in 2020, but gave up on the deal after considering that the service would only be viable through a distribution contract with Caixa, which was not made viable.
On February 28, the government of President Luiz Inácio Lula da Silva (PT) removed Lotex from the privatization program. The action was made official through decree 11,935 of 2024.
Source: GMB
