Lottery firm hopes that second bet is a charm
Lottery firm hopes that second bet is a charm
Malaysian-backed 5D Pan Cambodian Lottery yesterday announced an official return to operations after a failed start-up in the Kingdom five years earlier.
The company, who first announced in 2010 that it would start business in Cambodia, declined to detail yesterday why it did not get off the ground at the time, but said that operating a lottery company requires building trust and financial strength to be successful.
Alex Teh, president and major shareholder of 5D Pan Cambodian Lottery, said that there is an upward trend in the Asian gaming industry and said Cambodia was no exception.
“The lottery market in Cambodia, in the future, actually has a bright future, while the government is also starting to regulate lottery market,” he said. “The opening of our company today is the signal of confidence in the company that we are trusted in the gambling industry in Cambodia.”
5D Pan Cambodian Lottery is registered in Cambodia and is invested in by a Malaysian investor. 5D is a game of chance. To play the game, the players just pick a five-digit (5D) number, four-digit (4D) number or one plus three-digit (1+3D) number respectively, from any combinations with a minimum bet of 1,000 riel ($0.25).
Buyers select numbers they hope will be drawn consecutively in a random draw which is set to be televised three times a week.
The lottery firm did not disclose their start-up capital investment yesterday, but by law, for a company to legally operate a lottery business in Cambodia they need to have at least $5 million and maintain a reserve of 10 per cent of its initial investment as guarantee fund, according to Mey Vann, director of the Department of Industry and Finance at the Ministry of Economy and Finance.
Vann added that the government continues to outlaw illegal gambling and the five firms granted licences to operate lottery companies in Cambodia should also help take up the fight.
“We have a lot of challenges with illegal gambling,” he said “From now on, it’s open for legal gambling to partner with the government to fight [against] illegal gambling.”
5D Pan Cambodian Lottery currently has 90 staff and 400 sales agents in 13 provinces.
