China Vanguard Group Ltd said it has entered into a cooperative agreement with the Sichuan Sports Lottery Administration Centre to provide “interactive self-service solutions” in the province. China Vanguard is a Hong Kong-listed company supplying lottery-related services to both sports and welfare lottery authorities in the mainland China market.
The company will be responsible for “building up self-operated and franchise stores and co-operating with various social channels,” China Vanguard said in a filing on Tuesday. The company said it would also revamp some existing stores in the province.
As part of the deal, the Sichuan Sports Lottery Administration Centre will pay China Vanguard an undisclosed percentage of total sales generated.
The agreement includes also the provision of lottery solutions, sales distribution and related services to Sichuan Sports Lottery Administration Centre.
China Vanguard’s lottery-related business currently covers 21 provinces and regions in mainland China, the firm said.
“We believe the interactive self-service lottery business has huge market potential and is in line with the group’s recent development direction,” Chan Ting, chief executive of China Vanguard, said in a separate statement.
“We are encouraged by the latest progress of our lottery business, particularly in the sports lottery segment in the previous year,” Mr Chan said, adding that the company “will strive” to seize more opportunities in the future.
The group earlier this month reported consolidated revenue of HKD67.2 million (US$8.7 million) for the six months to December 31, 2014, a rise of 108 percent compared to the prior-year period.
Lottery sales in mainland China reached RMB382.4 billion (US$61.5 billion) in 2014, up by 23.6 percent from the previous year, according to official data.
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