International Game Technology (IGT) has linked up with a subsidiary of Telling Telecommunication Holding Co. to launch a new lottery venture in China.
Working in partnership with Shenzhen Tian Lian Cai Investment Co., IGT will provide lottery products to regulated lottery centres across the Asian country.
In addition, the new joint venture will be able to conduct independent market operations, business development, and technological innovations in China, with all operations to be subject to national regulatory and licensing approvals.
Pending this approval, IGT expects the venture to launch in the third quarter of this year.
Walter Bugno, chief executive international at IGT, said: “As the lottery market continues to change, and the regulatory framework evolves, we believe that this partnership will be ideally positioned to successfully participate in China’s bright lottery industry future.”
Telling will own a 51% interest in the new venture, while IGT will hold a 49% stake.
Huang Shaowen, chairman of Telling, added “By working together, we will bring the world’s most advanced technology, games, and operational best practices to China, enrich players’ experiences, help advance the Chinese lottery industry into a new era, and enhance its contribution to China’s social welfare.”
source : www.igamingbusiness.com
