Brazil’s state bank launches online lottery service

Barely a month after it cancelled a planned auction of its lottery unit Caixa Instantanea SA due to a dearth of bidders, Brazil’s state-owned bank Caixa Econômica Federal announced Friday that it has launched  an online lottery service.

Chief executive Nelson Souza told the Reuters news agency that he expects the online lottery to boost volumes and allow the bank to charge a higher fee, around 12 percent of revenue, compared to conventional lottery ticket sales, in which the bank keeps a 10 percent fee.

“We are now considering a potential change in the business model,” Souza said.

The bank posted its best quarterly results in April this year, reporting that in Q1-2018 conventional lottery sales rose 19.1 percent year-on-year to R$3.3 billion (Euro 782 million).

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