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AGTech hopes for approval of lottery products in China

AGTech hopes for approval of lottery products in China

AGTech Holdings, a lottery provider in Asia, hopes to achieve an important breakthrough following the lottery regulatory evolution in China.

AGTech hopes for approval of lottery products in China

ADTech revealed its earnings during the third quarter of 2015 filing with the Hong Kong Stock Exchange. The revenue comprises HKD 76.6 million in comparison with HKD 53.1 million for the same period of 2014. As the company states, the increase of the revenues is connected with the sales of newly applied hardware and technical services and mainly due to the derivation from gaming technologies, business provisions of sports lottery management and Chinese marketing services.

Gross receipts decreased from HKD18.4 million in the third quarter of 2014 to HKD 11.5 million in 2015. The company also informs about the growth of sales in about 45% after the purchasing of hardware manufacturer Zoom Read.

Zoom Read provides 29 provinces, municipalities and cities in mainland China with lottery hardware. It also has operating live or on trial machines in the markets of the UK, Canada, South Africa, Cyprus, Austria and Italy.

The company believes in a real breakthrough in business development comprising the promotion of e-Ball Lottery, Lucky Racing, smart phone and Internet channels.

AGTech explains that their aim is to occupy the leading place as a lottery providing company in China and to offer new and competitive legal lottery opportunities to get rid of the illegal gambling. To fulfill this, they are planning to unite international and domestic industry infrastructures, expertise, management, technologies and skills into the Chinese lottery markets via old and new channels.

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The Chinese lottery market has reported the sales of about RMB 242.8 billion for the eight months of 2015, but this shows the decline in about 1.8 per cent in comparison with the same duration of 2014. Lottery occupies the main position in the China market giving 64.9 per cent of sales, as the Ministry of Finance informs.

Sports Lottery brings RMB109.4 billion, a decline of about 4.2 % year on year and comprising 45 % of total lotto. The Welfare Lottery gave 4 % growth in sales to RMB 133.4 billion, comprising 55 % .

AGTech comments that the decline in sales is the result of strong and decisive measures introduced by the authorities in March to ban all online lotto tickets sales activities. The enforcement of these regulations is ongoing, but the company hopes for the approval of the chosen lottery products for trial sales in smart phone channel.

Geaspar Bryne, the head of corporate and strategy for AGTech, hopes that the government will notice the early success of internet sports lotteries.

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