The Board of Directors of Caixa Econômica Federal decided in favor of transferring the bank’s lottery activities to its wholly-owned subsidiary, Caixa Loterias. This measure, approved amid careful debate and analysis, marks a new chapter in the management of lotteries by the financial institution.
Caixa Loterias, established in 2015 with the specific purpose of managing this segment, will be an entity dedicated exclusively to the development and operation of lotteries. The decision reflects the state bank’s search for greater efficiency and focus, aiming to increase profitability.
According to Caixa, “the migration will provide greater focus and contribute to the objective of modernizing the lottery business, expanding the gaming market, diversifying products and increasing results.”.
It is important to highlight that lotteries are an exclusive service granted to the Union by specific legislation. However, they face increasing challenges from competition from online sports betting platforms, recently regulated by the government.
Caixa takes a stance on the possible privatization of lotteries
The transfer decision, although taken with broad consideration of strategic benefits, is not without controversy. Associations of bank employees have expressed concerns, fearing that this move could pave the way for the privatization of the business.
However, Caixa clarified that any decision on privatization will depend on the National Congress, regardless of the lottery operator.
In addition to the financial aspect, lotteries play a crucial role in Caixa’s service network. With thousands of units spread across the country, they constitute an essential part of the financial services infrastructure, offering convenience and accessibility to customers.
In December last year, there were 13,300 units across the country, out of a total of 26,500 physical bank service points.
