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.

MOST VIEWED

  • Oil producers see oversupply

    Major oil producers said on Sunday that crude supply next year would outstrip demand, calling for new strategies based on production adjustments. Khalid al-Falih, Energy Minister of the world’s top supplier Saudi Arabia, said the kingdom would cut its production by 500,000 barrels per day (

  • ‘Historic’ Khmer Rouge tribunal Case 002/2 verdict to be delivered

    The Extraordinary Chambers in the Courts of Cambodia (ECCC) are to deliver the verdict on Friday, in the trial of former Khmer Rouge leaders Nuon Chea and Khieu Samphan, in a pronouncement hailed as a “historic event for Cambodia and the world”. The verdict from

  • Record set for world’s longest dragon boat

    Cambodia broke the world record for the longest dragon boat – a title previously held by China, Guinness World Records adjudicator Pravin Patel said on Monday. He verified the record on the east bank of the Mekong river, in Prey Veng province’s Peamro district. “With

  • Analyst: Government appointments ‘a waste of national budget’

    The government has appointed over 200 officials as undersecretaries of state, secretaries of state, assistants and advisers at various institutions since October 1. While senior officials said the appointments were aimed at ensuring higher efficiency at the national level, social analysts said the practice is merely power-sharing