Monvest is keen to participate in the development of the Mongolia economy through the introduction of a national lottery project system. Government regulated lotteries are proven businesses and popular in many developed and emerging countries. The introduction of lotteries in a country tends to increase consumer spending significantly among the local population and contributes to the expansion of the economy.
In addition, the lottery will create employment and boost economic growth as various downstream activities will be generated. The lottery will also raise funds for charity or sport and the introduction of the national lottery will be undertaken without any cost to the government of Mongolia.
Having studied the lottery experiences of other Asian nations, Mongolia officials believe lottery is an additional revenue generator for the government. Though the lottery industry in Mongolia is in the early stages, lottery has proven popular for consumers in other parts of Asia, namely Malaysia, China, Thailand, the Philippines, Hong Kong, Korea and Japan. The Ministry of Finance is responsible to oversee and regulation of lottery activities in Mongolia. The Mongolia Ministry of Finance and related government departments are in the process of producing the regulatory framework for the lottery industry and a draft proposal is expected.
The Asian lottery industry numbers make a compelling case for the introduction of lottery in Mongolia. Currently, the Asia Pacific Lottery Association represents 25 lotteries from 10 countries in the region with combined annual revenues in excess of $21 billion. According to National Lottery Asia (NLA), one of the most popular draws is the Hong Kong Mark 6 Lottery. Working on the same format as many draws around the world, this lottery requires players to choose six winning numbers from a possible 49. Run by Hong Kong Jockey Club, this lottery comes out on top of Asia Lotteries due to 55% of funds going directly back into the prize pool, making it one of the most generous lottery games worldwide.