The national lottery operator company Satti Zhuldyz posted a profit of 2.5 billion tenge in 2025, compared to a loss of 1.4 billion tenge the previous year, according to its financial statements. A sharp rise in revenue to 232.95 billion tenge from 121.1 billion tenge in 2024 (+92%) drove the turnaround. Company management expects 25% growth in 2026 over 2025, reports infohub.kz.
As of end-2025, Satti Zhuldyz had retained earnings of 172.2 million tenge. To cut costs of distributing paper lottery tickets, the company is transitioning from its own retail network to an agency model. As of April 30, 2026, 94 of its own sales points had become agency outlets, with the number of company-owned points reduced to 82. Additionally, the company is increasing the share of electronic tickets, moving away from paper instant lottery tickets.
In 2025, Satti Zhuldyz reduced key management personnel costs to 209.2 million tenge (for four people) from 378.7 million tenge (for six people) in 2024. The main shareholder, Sergei Shvalov, provided two interest-free credit lines in 2017–2019; at end-2025, the outstanding debt stood at 1.69 billion tenge. In early 2026, the company partially repaid the debt, and as of the reporting date, the remaining debt to Shvalov was 1.2 billion tenge.
At end-2025, 70% of shares in the Almaty-registered Satti Zhuldyz were owned by entrepreneur Sergei Shvalov, with 30% held by private company TLC System Ltd. TLC System Ltd. is owned by NLT Technologies, which belongs to entrepreneur Nikolai Neplyuev (he has an individual enterprise and also owns ADV AGRO). Sergei Shvalov owns several companies: Saikan LTD, CBM LTD, Gornopromyshlennaya Kompaniya Gorizont, Simtau Invest, and Great Trade. Shvalov is also the founder and head of Logycom, a Kazakh manufacturer of computer hardware and IT products.
Satti Zhuldyz is the sole official lottery operator in Kazakhstan under the Law "On Lotteries and Lottery Activities" (adopted in 2016). By a 2017 government decree, the company received the right to conduct lotteries in Kazakhstan for a period of 15 years. On June 23, 2022, Satti Zhuldyz obtained a certificate of compliance with the European Lotteries' responsible gaming standards, initially valid until June 2025. In May 2025, the company underwent recertification, receiving a new certificate valid until May 2028.
The report notes that from January 1, 2026, lottery turnover is exempt from value-added tax. On January 1, 2026, the VAT rate increased to 16% from the previous 12%. "From January 1, 2026, in accordance with the Tax Code of the Republic of Kazakhstan (Article 450, subclause 6), lottery turnover is classified as exempt from value-added tax. Accordingly, from that date, the company has no obligation to accrue and pay value-added tax on such transactions," the document states.
Since July 1, 2025, Satti Zhuldyz is required to deduct 3% of the difference between revenue from sold lottery tickets (including electronic tickets) and the prize pool for the development of creative industries. Additionally, the company deducts 10% of that difference to the public fund "Qazaqstan Khalqyna" and another 10% for the development of physical culture and sports. In 2025, contributions to sports development amounted to 4.2 billion tenge, to the Qazaqstan Khalqyna fund – 4.2 billion tenge, and to creative industries – 630.7 million tenge.