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Agreements signed by Intralot and AGTech, Lottery Sales on rise in South Korea | 25th December 2012 : WorldCasinoYellowPages

Agreements signed by Intralot and AGTech, Lottery Sales on rise in South Korea

... 25 December 2012

Agreements signed by Intralot and AGTech, Lottery Sales on rise in South Korea

An agreement for 10 years has been signed in favor of the group administered by Greek lottery company Intralot to operate the Taiwan Sports Lottery. The Taipei Times was informed on past Wednesday that Intralot and its associates ADATA Technology, which is the digital  memory producer programmed by Taipei and Chinatrust Commercial Bank have been chosen by the Sports Affairs Council to start working as dealers of sports lottery ticket with effect from 1st Jan. 2014. Taiwan Sports Lottery Corp. which is a subordinate of Fubon Bank and is presently running the sports lottery preferred not to get its license revised following its frequent failures in making the necessary payment to the government. The company is holding the payout percentages and margins set necessary by the government responsible for this failure. It is because the lottery is confined to 10-game bets one after the other by the two said factors.

As informed by Dmimitrios Markakis, the operations director of Asia-Pacific region of Intralot, this agreement is a significant prospect for the company which is making its foremost attempt to run an Asian sports lottery project. However, the time to commemorate this occasion has to be delayed somewhat. It is because the proposal offered by an association amid GTech, the subordinate of Lottomatica, ICP Electronics and Taishin International Bank, which has been rejected, stated that they will challenge this decision. The resolution made by the Sports Affairs Council is described as obscure and strictly uncomplicated by the ICP and that’s why they can’t approve of the same. The company further stated that Intralot has got agreement in its favor quite easily without passing through the phases of rejection, fury, negotiation and dejection.

An agreement has been signed recently by the AGTech Holdings, the sports lottery supplier located in Hong Kong. As per agreement, the Gold Circle Ltd. - the South African horseracing/tote betting operator will be supplied with 530 C8 betting equipments by AGTech Holdings. The agreement was made through Beijing AGTech GOT Technology Co. Ltd, the subsidiary of AGT. It is noteworthy that this agreement witnessed the foremost sale of China’s international lottery terminal. As per statement given by John Sun- the CEO of AGTech, it is an important landmark in the records of the company which confirms the attainment of GOT by the company in 2011. It is noteworthy that 50% of the machinery which supports the Chinese sports lottery market is supplied by GOT. As per information provided by Xinhua, there was an increase of 12.8% to RMB 10.84 billion or US$ 1.74 billion and 8.5% to RMB 12.87 billion in the sports lottery sales and welfare lottery sales respectively in the month of November. The net annual sales witnessed a rise of 17.9% to RMB 234.72 billion or US$ 37.65 billion till date.

South Korea is another place which is witnessing a rise in the Lotteries culture. However, the lottery income has been limited to KRW 2.875 trillion or US $2.675 billion by the government. It has been done to keep the expenditure by the inhabitants under control and to prevent them from being the greedy members of the Korean Society. The residents are also prohibited to enter into one of the 17 casinos of South Korea by the government. The government also intends to maintain a percentage of 0.58 for the net gambling trade income of the GDP of the country. However, there was an increase of 20% in the sales of lottery during past year which resulted in net lottery income to reach KRW 3.08 trillion.

And during the current year, there has been an unassuming increase of 4.1% in the lottery sales. However the limit of lottery income has been violated by now during the conclusion of November as per reports given by the Yonhap news agency. The total lottery income for the year 2012 is expected to reach KRW 3.2 trillion. An application to raise the limit for lottery income for the current year was submitted by the Korea Lottery Commission or KLC. It was done keeping in view the alternative which can be opted for by the National Gambling Control Commission or NGCC. However, the application was rejected. This rejection was based on the fact that there is requirement for strong administration in the lottery division. NGCC has rejected the application so as to get benefited by the economic punishment which will be indicted on KLS as a result of violation of the lottery income limits. NGCC will get the amount of fine which KLC is obliged to pay to it.

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