BToto, Magnum fall as special draws for NFOs to be reduced

KUALA LUMPUR: Shares of numbers forecast operators (NFOs) fell on Tuesday afternoon after the government announced plans to reduce the number of special draws in 2019.

Shares of Berjaya Sports Toto fell to a low of RM2.30 and Magnum hit an intra-day low of RM2.13.

At 3.16pm, BToto was down seven sen to RM2.31 while Magnum lost five sen to RM2.14.

The FBM KLCI rose 10.51 points or 0.59% to 1,790.26. Turnover was 1.79 billion shares valued at RM1.30bil. There were 496 gainers, 342 losers and 383 counters unchanged.

Finance Minister Lim Guan Eng said this new policy will be made during the tabling of the Budget 2019 on Nov 2.

The previous government had approved 22 Tuesday special draws this year for operators such as Magnum, Sports Toto and Da Ma Cai.

Lim said the move to reduce the number of special draws is to cut down on the number of gambling days, so that gambling activities will not lead to social ills such as gambling addiction.

The special draw was initiated by the government in 1999 to help raise funds during the Nipah Virus.

He said RM80.4mil in sin tax was collected from the draws in 1999. Revenue collected from the draws had increased to RM238mil in 2017 or averaging RM200mil a year after 1999.