Financial Daily from THE HINDU group of publications
Saturday, Jul 05, 2003
Financial Daily from THE HINDU group of publications Saturday, Jul 05, 2003 |
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E-Commerce & E-Business Industry & Economy - Lottery Forbes Group enters online lottery biz Our Bureau
Mr Rajan Kaicker, Chief Executive, DhanDhanaDhan Infotainment Pvt Ltd, displays the online lottery to be launched on Monday by Shapoorji Pallonji-controlled Forbes Group at a news conference in Mumbai on Friday.
MUMBAI, July 4 THE latest corporate group to enter the lottery business is Shapoorji Pallonji-controlled Forbes Group, which will market online tickets of Meghalaya State lottery from July 7. DhanDhanaDhan Infotainment, a company promoted by the Forbes Group, to market lottery, today said it will offer its first online game `Tri Dhan' which will be a combination of three lucky numbers. The first draw will be in held in Meghalaya on July 10, through a live telecast on ETV and Asianet. Thereafter, the daily telecast will be also be available on Aaj Tak from August. Mr Rajan Kaicker, CEO, DhanDhanaDhan, said the company has already set up terminals in 1,500 locations. Soon, it will establish presence in all the 14 States where private lottery is allowed. He said the winners would be paid price money up to Rs 5,000 immediately. Mr Kaicker said he is not in a position to disclose the shareholding pattern of DhanDhanaDhan and its investments since it is a closely held company. But, he said, the company is part of the Forbes Group and has directors on its board from Sharpoorji Pallonji and Company Ltd. Announcing the launch of DhanDhanaDhan online lottery at a media conference here today, Mr Kaicker said lottery market in the country is estimated at around Rs 50,000 crore and the business is growing at the rate of 25-30 per cent annually. Over 90 per cent of the lottery currently is based on paper ticket but this is going to change in the future, he said. The online lottery business in India is one year old and the turnover is estimated at Rs 1,000 crore. In the current year, with the entry of more players, the business is expected to go up to Rs 5,000 crore. DhanDhanaDhan, currently, has agreements to sell lottery tickets to two States — Meghalaya and Arunachal Pradesh.
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