Myanmar to expand the State Lottery

The Ministry of Planning and Finance is looking to boost lottery revenue through a State Lottery expansion.

Myanmar.- A Myanmar Ministry of Planning and Finance senior official has announced the office is working to expand the State Lottery to boost revenue to an estimated €560.8 million a year. He asserted there would be changes to the lottery ticket’s value in order to raise prize money and divide it into several smaller prizes besides the top ones.

“As far as we know from consultants, our country should receive about €560.8 million a year from the lottery business. We are working for that and we hope to achieve it gradually,” director general of the Internal Revenue Department U Min Htut said during a press briefing in Nay Pyi Taw.

He also added: “When lottery tickets were sold at €0.1 per ticket, the country received about €22.4 million a year, but that increased to more than €56 million after the lottery ticket price rose to €0.28.” He explained that for fiscal 2018-19, the revenue from the lottery is expected to reach €80 million.

According to the official statement, lottery tickets are set to be worth €0.56 in February, in order to have the highest prize money set at €8.4 million. He asserted there will be further smaller prizes as they get ready to take the lottery ticket price to €2.2.