AGTech subsidiary wins tender to operate sports lotteries in China

AGTech announced that one of its wholly owned subsidiaries has won tenders to purchase lottery terminals for sports lottery control centers in Shaanxi, Zhejiang and Jiangsu provinces. These contracts will provide the company with an important position in key sports lottery markets in China.

AGTech has already established itself in the Chinese lottery market, having won a tender for the supply of dual touch screen lottery terminals in 2018. These terminals were located in the Chinese provinces of Guizhou, Shanghai and Hebei. Additionally, AGTech launched new instant win games in partnership with Chinese logistics firm SF Holdings, with distribution in Shenzhen, Nanchang, Changsha and Nanjing.

AGTech's Q1 2024 results showed strong revenue growth of 118.1% year-on-year, reaching approximately HK$766.6 million (US$98.18 million). Compared to HK$351.4 million in revenue in the previous year, this growth demonstrates the company's success in expanding its business.

Of the total revenue, approximately HK$311 million came from the lottery business and related services. Another approximately HK$455.6 million was received from the electronic payments sector and related businesses in Macau.

AGTech's victory in the tender to supply lottery terminals in the provinces of Shaanxi, Zhejiang and Jiangsu underscores the company's continued success in the Chinese market. With revenue growth and successful expansion of business operations, AGTech demonstrates the ability to compete effectively in the dynamic and rapidly growing lottery and gaming sector in China.