China Vanguard Group Ltd said it has entered into a cooperative agreement with the Shaanxi Sports Lottery Administration Centre to provide “interactive self-service solutions” in the province. China Vanguard is a Hong Kong-listed company providing lottery-related services to the mainland China market.
Through a subsidiary, the company will be responsible for the implementation of the relevant technology in Shaanxi “by building up self-operated and franchise stores and co-operating with various retail channels,” China Vanguard said in a filing. The company said it would also revamp some existing stores in the province.
The agreement includes providing sales distribution and related services to the Shaanxi Sports Lottery Administration Centre as well as self service equipment.
As part of the deal, the Shaanxi Sports Lottery Administration Centre will pay China Vanguard an undisclosed percentage of total sales generated.
China Vanguard’s lottery-related business has now expanded into 20 provinces and regions in China, the firm said.
“The board believes the interactive self-service lottery business has huge market potential and is in line with the group’s latest development direction,” China Vanguard said, adding that it “will strive to capture more of such opportunities in the future”.
Total lottery sales in mainland China reached RMB346.2 billion (US$55.6 billion) during the first 11 months of 2014, according to official data.
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Analyst at Union Gaming Securities Asia