The Federal Savings Bank has just released its balance sheet for the first half of 2024. The net profit reached R$ 6.2 billion, 36.6% higher than in 1H23. The growth was not reflected in CAIXA Lotteries, which collected 19% more than in 1H23, reaching R$ 12.3 billion. Considering that in 2023 lottery sales reached R$ 23.4 billion, the results of 1H24 show that the state bank needs to revise the entire business model of the lottery sector.
In the first half of this year, CAIXA Lotteries collected R$ 12.3 billion, a value 19.0% higher than that recorded in 1H23 (R$ 10.3 billion). Throughout 2023, CAIXA Lotteries sold a total of R$ 23.4 billion, which shows that even with the growth of Brazilian income and the increased interest of the population in games and betting, Caixa is not managing to advance with its lottery area.
CAIXA Lotteries constitute an important source of resources to foster social development in Brazil. In 1H24, R$ 4.8 billion were allocated to the Federal Government's social programs in areas such as social security, sports, culture, public safety, education, and health. In addition, the return to society through income tax payments was 18.3% higher than in 1H23.
Regarding net prizes, R$ 4 billion were awarded to bettors in the period, compared to R$ 3.2 billion in 1H23.
This year, the Board of Directors of the state bank approved the restructuring of the lottery area, transferring the administration of all products to CAIXA Lotteries, already eyeing the sports betting and online games market, as well as the relaunch of Lotex, which is expected to start being marketed in October.
Source: GMB
