August 10, 2018 / 8:10 PM / 8 days ago

Brazil's Caixa creates online lottery after failed unit sale

SAO PAULO, Aug 10 (Reuters) - Brazilian state bank Caixa Econômica Federal on Friday launched an online lottery service, a month after a failed attempt to sell its lottery licensing unit Caixa Instantanea SA.

Caixa Chief Executive Nelson Souza said 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.

In early July the bank had to cancel a planned auction of its lottery unit due to a lack of bidders.

“We are now considering a potential change in the business model,” Souza told journalists at a press conference. (Reporting by Aluisio Alves Writing by Tatiana Bautzer Editing by Phil Berlowitz )

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