Preventing Lottery Theft: Insights from Loss Prevention Magazine
Our CTO, Seb Kiureghian, recently contributed an insightful article to Loss Prevention Magazine, highlighting the challenges retailers face when it comes to lottery theft and the importance of effective inventory management. In the article, Seb discusses a study on the impact of large jackpots on theft and shares valuable strategies to help retailers combat theft.
One of the most significant findings from the study was the relationship between high jackpot amounts and a decrease in theft as a percentage of sales. Interestingly, on the busiest lottery sales days of the year, retailers experienced a 56% drop in losses as a percentage of sales, thanks to the increased foot traffic and minimal idle time for employees to play.
Seb also delves into the most common forms of lottery theft, such as theft from the backstock and employees playing lottery games during work shifts. He emphasizes the importance of maintaining vigilant inventory management and adopting strict reconciliation and accounting practices to prevent theft.
To read the full article and learn more about the steps retailers can take to protect their lottery products, check out Seb's guest article in Loss Prevention Magazine by clicking here.