There was a time in Spain when we were rich.. The state owned a number of publicly traded companies that, more than two decades later, are still among the country’s most important companies, some even in the Ibex-35. Endesa, Gas Natural, Red Eléctrica, Repsol, Iberia, Transmediterranea, Argentaria, Aceralia or Indra are some of the soldiers of the army. economic empire which one day was in the hands of the public administration.
With the modernization of the Spanish economy and its subsequent entry into the European Union and the euro, José Maria Aznar began major public purges and liberalization of the national economy. Despite the large number of sales, the state retained ownership of other companies that had served to accumulate losses in recent years under the umbrella of the utility.
In 2021, Correos lost 96 million euros; Renfe, 350 million; Adif High Speed, 460 million; offshore construction company Navantia, 82 million; EFE Agency, 9 million; or the energy company Grupo Hunosa, 8.5 million. Beyond this legion of red numbers, The state retains the ownership of the goose that lays the golden egg.a company that every Spaniard knows, but that doesn’t make many headlines, State Lotteries and Gambling.
goose laying golden eggs
Sociedad Estatal Loterías y Apuestas del Estado SME closed the 2021 financial year with a revenue of no less and no more than 9,359 million euros. 1.944 million operating profit. These results are very similar to those recorded in 2019, after seeing a near 20% correction in revenue in 2020 (pandemic year).
This income statement positions it as follows: one of the most important companies in the country, especially number 13 in 2020, according to the ranking by InfoCif. That year it was above the turnover of Spanish subsidiaries of giants such as Lidl, Orange, Acciona, BP, or automobile companies Peugeot-Citroën, Renault and Mercedes Benz.
Beyond the value of voluminous results, State Lotteries and Gambling form part of the monopoly-oligopoly of daily lotteries. You can count on the fingers of one hand the number of companies that periodically run sweepstakes that feature: Red Cross and Gold sweepstakes, Eleven and tickets, and Lotteries.
Roulette or bingo
In 2021 there were 172 million tenths in the Christmas Lottery, which is more than 20 euros per unit. A huge potential collection of 3,440 million euro. But, How much did he distribute? Specifically, 70%, 2.408 million. Based on the fact that no betting game involving a nonprofit agency gives out more money than it enters, the Christmas draw is one of the least important of all methods.
In case of bet, In the World Cup final between Argentina and France, the home margin of Bet365 was -according to the calculations of this newspaper- 4%., and on December 22, Lotteries and Government Gambling get 30%. According to the private blog fr9.es, the commission for physical bingo also has a lower commission, which can range from 10% to 30%. Gambling machines are not as profitable as the lottery, which has a margin of between 2% and 4%, which the children of San Ildefonso say; nor physical roulette wheels, which, according to the machines’ advertisements, distribute about 80% of their revenue.
Treasure always wins
If anyone wins a meaty prize in the Christmas Lottery every year, it’s Treasure. Cristóbal Montoro, who was the People’s Party economy minister during Mariano Rajoy’s first legislature, introduced the bonus tax in the context of a serious economic crisis. With the Law No. 16/2012, it started to collect 20% tax from prize winners exceeding 2,500 Euros. Now this norm has been changed over 40,000.
According to the report of Gestha Finance Ministry Technicians Union on 22 December tax offices unlucky in love, he will be lucky in the game because it will drop to 163.8 million. From each winner of the first prize, awarded 400,000 euros for the tenth, the public coffers will receive 72,000 euros. He will receive 17,000 euros from the second and 2,000 euros from the third.
The situation is paradoxical: a citizen pays 20 euros to a public company, in exchange for which he distributes a prize of only 14 euros, and if successful he has to pay taxes. dir-dir An almost perfect mechanism where the Public Administration always winsTreasury and Government Lotteries and Gambling.