Lotto prizes cut

Lotto players were dismayed to find a substantial cut in the winnings last Saturday due to a capping policy.

Maltco said yesterday the latest lotto draw resulted in very high winnings amounting to 203 per cent of sales. In line with the rules, the company was obliged to cut winnings to 70 per cent of sales when the total winnings for the prima, ambo and terno categories were above such level. Maltco said it would increase winnings to 30 per cent of sales when total winnings for the prima, ambo and terno categories were below that level.

The company is also obliged to pay a guaranteed government tax of 20 per cent on the sales of lotto, besides commissions to lotto receivers, which amount to seven per cent of sales and two per cent on the amount of prizes cashed, irrespective of the amount won.

The rules, it said, could be viewed at every lotto booth and the company’s website.

It said it had for the past years been subsidising the amount paid out as winnings whenever these were higher than 70 per cent of the sales to sustain the game and maintain its appeal among the playing public. “This is no longer sustainable and capping will be effected at 70 per cent for the foreseeable future,” it said.

The winning numbers at last Saturday’s draw were 87-71-16-2-17.

According to Maltco’s website, the winning amount in case of the prima is 64 times the stake; 250 times the stake in the case of the ambo; and 4,000 times the stake for the terno.