Mahzooz CEO Farid Samji talks of what numbers people mostly pick and how the draw works
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#UAEnews #lottery #Mahzooz
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NewsTranscript
00:00It's not just about dreaming and they remain a dream. Dream, play, win. Can we do that?
00:11And that's where Mazoos came in because Mazoos actually is a personal touch. It puts the
00:17customer at the center of all this. Mazoos, lucky. We want to make you lucky. We want
00:23to create a winner out of you.
00:25So the setup of Mazoos, obviously it's a group of investors and we're talking about a mix
00:32of institutions and individuals?
00:34That's right. It's individuals with distinguished backgrounds. These are entrepreneurs, serial
00:44entrepreneurs and some members of distinguished families in the UAE.
00:52Do we have a number on how many investors have come together?
00:55It's less than 10 and they provide us with all sorts of direction, guidance. They're very
01:04passionate about this because this is not just any other company. The kind of work we're
01:09doing. So we're fully supported by investors.
01:13And the concept itself, how does it come? So a person just buys a bottle of water and he
01:18gets into the draw? It's as simple as that?
01:21Well, yes. It is very much like how you described. 35 dirhams is all it costs. And there's a
01:29lot of thought that went into why 35 dirhams?
01:31It was not just something that we just said, it's a nice number. We looked at the
01:38participation levels. We looked at income levels. We looked at disposable income. We
01:42commissioned actually a proper study on this, whereby we went out and asked people, what is a
01:47good enough range? And that's how we came up with 35 dirhams. Yes, 35 dirhams. You buy a
01:55bottle of water, which is then donated. Mazuz facilitates that donation through over 30
02:04partners that we've got. It goes to the needy. Two-quarter workers, people in construction
02:11sites. And by virtue of a person buying a bottle of water, you get to enter and participate in a
02:22draw. And you choose six numbers, anywhere between 1 and 49. You choose six numbers. And
02:32then there's a draw every Saturday, 9 p.m. UAE time, at our own purpose-built, dedicated
02:41studio. And it's a live draw. And there are prizes across the chain. For matching six
02:51out of six, there's a 50 million dirhams prize. It doesn't happen very often. We've not had
02:57a winner yet. There's a random machine. It's live. There's a nice set with a lot of bowls
03:05in them. And the machine automatically picks the bowl. And if you match six out of six,
03:10there's a grand prize, a jackpot. If you choose five out of six, there's a 1 million dirham
03:17prize, which might be shared. And if there are no winners, we roll it over. There's a
03:23four out of six, there's a prize of 1,000 dirhams. And three out of six gets you 35
03:30dirhams. Right. So how many millionaires have you made? Oh, plenty. We've done 43, 44 draws
03:42now. Less than a year. And we've had 15 millionaires, out of which 14 actually won a million dirhams.
03:56And one person actually won 2 million. Because as I said, if there's no winner for the five
04:04out of six category, which is a 1 million, we actually roll that prize over. So it becomes
04:102 million for the following week. We've paid out to date over 52 million dirhams paid out.
04:18We've had participants from over 120 countries, or close to 120 countries. That is confidence.
04:27That is a big wad of acceptance for Masoos that you have so many people playing from
04:34all around the world. And all these prizes were paid out within 15 days of people winning.
04:43Not in installments, not over a year. We don't decide that.
04:48And also, you know, I've always been very curious about how these lottery systems work.
04:54So how does it work? Like, where do you, how is it sustainable for a company like yours
05:00to give such big payouts?
05:03We've got our risk management teams who actually do the math behind this, behind how sort of
05:12payouts that we give. As I mentioned, for profit for sure, but with a very strong social
05:18conscience.
05:21How interesting was that? For full story, log on to gulfnews.com. For now, it's a wrap
05:26From me, this is Anjana Kumar for Gulf News.