HONG KONG, Nov. 14, 2018 /PRNewswire/ -- AGTech Holdings Limited ("AGTech" or the "Company", HKEX stock code: 8279) is delighted to announce that Asia Gaming Technologies (Beijing) Co., Ltd., which is a subsidiary owned as to 51% by the Group, has won the technical service tender to provide construction and development of virtual football game management system to Jiangsu Sports Lottery Administration Center ("Jiangsu SLAC"), and to set up a local technical service team to be responsible for the virtual football system installation, commissioning, third-party testing, daily operation, maintenance and product update. The service term of the project is 5 years, the project will be officially launched upon the service agreement is signed by both parties.
This successful bid is another major business development of our group in Jiangsu Province, a major sports lottery province. In 2017, Jiangsu became the first province in China to achieve RMB 20 billion in annual lottery sales, and the virtual football game made quite an important contribution. In the past three years, the game's sales volume has grown at a compound annual growth rate of 63%, much higher than the annual compound growth rate of the national lottery market.
John Sun, Chairman and Chief Executive Officer of AGTech, said, "Once again we are pleased to reach a cooperation with Jiangsu SLAC and continue to supply virtual football game for the next five years and provide entertainment for domestic lottery customers. Virtual football game has been launched in Jiangsu Province for five years and was well received by the market. This winning bid indicates that the maturity, reliability and after-sales service of AGTech's series of virtual sports products have been widely recognized, we are very excited that AGTech's brand has been deeply rooted. Our group has always been aiming to promote innovation and healthy development of the industry. We look forward to promoting virtual football and other diverse virtual sports games to the whole country, to consolidate the industry's leading position and serve the national sports and public welfare."
Virtual football (e-Ball Lottery) joined the Group's exceptionally popular and highly successful Lucky Racing game as one of the only two nationally-approved, rapid-draw, fixed-odds virtual sports lottery games in China. Televised in sports lottery stores, virtual football offers customers cutting edge graphics, exciting audio commentary and provides similar betting types to another popular fixed odds sports lottery product, JingCai, such as: half time and full time outcome (win, lose, draw); correct score; total goals and accumulators. All bets offer players a most delightful fixed odds payout (i.e. not pool betting).
With the significant scale of lottery sales in Jiangsu Province, combined with Alibaba Group's vast offline retail network, and our expertise and experience in lottery channel business, technology and data services, this continued cooperation with Jiangsu SLAC will help to further improve the overall consumption pattern and experience of sports lottery products, and promote the development of the lottery industry.
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About AGTech Holdings Limited
AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). AGTech is an integrated technology and services company engaged in the lottery and mobile games and entertainment market with a focus on China and selected international markets. A member of the Alibaba Group with around 400 employees, AGTech is the exclusive lottery platform of Alibaba Group and Ant Financial Group.
AGTech's businesses are broadly divided into two categories:
AGTech is a Gold Contributor of the World Lottery Association (WLA), an associate member of the Asia Pacific Lottery Association (APLA), and an official partner of the International Mind Sports Association (IMSA) as well as the Federation of Card Games (FCG).
For more information, please visit www.agtech.com
