State lottery enters the 21st century with own website

THE STATE lottery yesterday announced its first foray into the online world with its own website, 54 years after the lottery came to Cyprus.
State lottery director Stavros Michael presented the new website yesterday, noting that members of the public can now access information on the different lottery tickets available, winning tickets, legislation governing the state-sponsored gambling operation, and other relevant information. 
The state lottery was first introduced in 1958 under British colonial rule, printing out 80,000 lottery tickets for a grand prize of (CY) £5,000 or €8,543.
The lottery was suspended for a brief period during the EOKA freedom struggle, but then reinstated in 1961, after independence. It has been operating ever since, introducing the ‘scratch card’ lottery ticket in 1979. 
According to Michael, over half the money made goes back to the public. Consumers receive 50.1 per cent of the profits made from lottery ticket sales in prize money, while 37.8 per cent is net profit, 10 per cent is the commission paid to agents, 1.3 per cent accounts for operational costs, and under 1 per cent is spent on personnel.
“The majority of those who win the state lottery belong mainly in the low to medium-sized income brackets. The money won, based on the statements of the winners, is used to pay off debts, pay for their children’s education, build or add to their homes, help their children etc. In other words, the prize money of the state lottery was well spent,” said Michael.
In 2011, sales dropped by around €5m from €54.3m in 2010 to €49.2m the year after. Net profit in 2011 came to €18.2m, compared to €19.7m the year before, recording a 7.8 per cent decrease.
Last year’s total prize money paid out came to €24.8m compared to €27.6m in 2010.
Between 2000 and 2011, the highest net profit came in 2002 at €27.7m while the biggest prize money given out was recorded in the same year at €35.1m. 
As part of the government’s drive to tighten belts, operational costs were reduced from €1.6m in 2010 to €1.2m in 2011, a reduction of 18.4 per cent.  
For more information on the state lottery and winning tickets, visit: www.lottery.gov.cy