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ShareMumbai: Pan India Network, the lotto and gaming arm of the Essel Group, today said that it would urge the Central government to recognise lottery as an industry and set up a regulatory body to oversee its functioning.
The lottery business in India should operate as it does in the West, Pan India Network's CEO, Amit Goenka said adding that elsewhere the governments raise money through lotteries and gaming and use it for developmental purposes.
"We will soon be writing to the government pleading for recognition. We want the government to consider lottery as part of an organised sector," Goenka told PTI here.
There should also be a regulatory body to oversee the Indian lottery industry that is pegged at Rs50,000 crore and is growing fast, Goenka said.
The company today handed over cheques of over Rs16 crore to four jackpot winners here.
Pan India Network which is the authorised distributor of lottery tickets in Sikkim, Arunachal Pradesh, Punjab and Maharashtra, sells close to 40 lakh tickets per day in these four states and plans to enter other states as well.
The company has so far announced over 70 crorepatis and 3,000 lakhpatis.
The company had last fiscal earned a revenue of Rs3,500 crore with a net profit of Rs40 crore and expects a profit of Rs60 rore this fiscal.
