Most of us want to be a millionaire someday that’s why we’re trying our luck in a lottery. With this, it’s also a good idea to start a business and become an online lotto agent. This won’t only give you the chance to earn income but also provide opportunities to other people.
If you’re planning to apply for a lotto franchise, the requirements would be the following:
For an individual, you should be:
- A Filipino citizen
- No criminal record
- Must be of legal age of 21 years old
You’ll be required to submit the following documents:
- Three latest 2×2 ID photos
- Three latest 2×2 ID photos of spouse
- On-line lottery personal data sheet
- Letter of intent
- Proof of income
- Proof of lease or ownership of the lotto outlet site
Aside from the requirements, there are other things to consider before you start a lotto franchise. This business venture isn’t only a franchise, but it makes you a lotto agent of a non-profit organization, which is the PCSO.
As an applicant for a lotto franchise, it is your responsibility to find the location for the lotto booth. This means that you’ll cover all the costs such as lease or rent of the building, electricity and phone connections and other expenses.
You’ll also need to pay an installation fee, surety bind and processing fee.
If you have your own place, you’ll just cover the cost of Surety Bond Insurance amounting from PHP 30,000 to PHP 50,000. However, if you don’t have your own location, you may spend around PHP 500,000.
Profit and revenues
As a lotto agent, you can earn from 4.5 to 5% of the gross sales. Your revenue depends on your sales and the you can also earn a percentage from the winning bet from your outlet, but may also depend on the amount of the winning jackpot prize.
Just like any other businesses, there are overhead expenses that you need to think about including the rent, electricity, wages of employees and other costs. But, the terminal software and hardware, tickets, printed materials and paraphernalia are provided free.
Agency location requirements
The proposed location of the lotto outlet must comply the required criteria of the PCSO, such as:
- The lotto booth should be 100 meters away from places of learning, worship and schools.
- The place should be in a busy or commercial areas or must be in a strategic location within a mall.
- The area must be flood-free and should cover a floor area of at least 9 sq. meters and the business counter is 1.0 m x 0.5 m.
- The facility should have a telephone facility either a cellular or landline. Must have proper ventilation and regular power supply.
Franchising a lotto business is a serious venture that’s why you should commit your time because your outlet must be open from 7:00 AM to 8:30 PM.