Lottery firm Pacific Online Systems Corporation reported that it has received a notice from the Philippine Charity Sweepstakes Office (PCSO) that it was sole bidder for the five-year lease of the E-Lotto platform.
In a disclosure to the Philippine Stock Exchange (PSE), the firm said the notice said the PCSO Special Bids and Awards Committee “has declared (Pacific Online’s) bid as the Single Calculated Bid for the Procurement of 5 Years Lease for Web-based Application Betting Platform [or E-Lotto].”
“As the Single Calculated Bid, the bid submitted by the corporation will be subjected to post-qualification review by the PCSO-SBAC. Should there be no issues raised during post-qualification, it is expected that the PCSO-SBAC will be issuing its Notice of Award,” Pacific Online said.
The lottery equipment lease agreement between Pacific Online with the PCSO expired effective Oct. 1, 2023. In its place, PinoyLotto, a joint operations company owned by Pacific Online, Philippine Gaming Management Corporation, and International Lottery & Totalizator Systems, Inc. (ILTS) has started nationwide operations in providing lottery equipment to PCSO.
On Aug. 30, 2023, Pacific Online signed a Memorandum of Agreement with PCSO in connection with the latter's implementation of a One-Year Trial Run for a Web-Based Application Betting Platform (WABP).
Through the WABP, the PCSO aims to develop and promote more marketable, adaptable, resilient, and trendy betting platforms, considering the evolution of the gaming market and the advancements in technology.
The MOA covered a trial period for the WABP for one year, subject to renewal, during which Pacific Online will be acting as PCSO's exclusive agent. The trial period started on Dec. 15, 2023.
Pacific Online reported an 86 percent fall in net income to P13.4 million for the first three months of 2024 from the P93.5 million for the same period in 2023 due to the drop in its revenues.
Consolidated revenues dipped five percent to P138.9 million for the first quarter of 2024 from P146.5 million in the same period last year mainly due to the transition from the legacy system to the nationwide lottery system under its joint operation, PinoyLotto Technologies Corp.
In 2024, Pacific Online also incurred other expenses pertaining to interest expense in relation to the loans availed by PinoyLotto to fund its capital expenditures and nationwide operations.