2 Min Read
MILAN, Dec 24 (Reuters) - Italy's Lottomatica said U.S. subsidiary Gtech will help a Taiwanese bank provide services for that country's first sports lottery in a deal that will generate about 33 million dollars in revenue over the next five years.
Lottomatica LTO.MI, the world's biggest lottery operator, said on Monday Gtech will provide the software and hardware to Taipei Fubon Bank for the first legalised lottery of its kind in Taiwan.
"This is ... strategically important for us in that we are expanding our offerings beyond traditional lottery-based offerings," it said in a statement.
The bank's parent, Fubon Financial (2881.TW), Taiwan's fourth biggest financial holding company, won a government license to sell tickets in September. It estimated the market could generate 455 million dollars in ticket sales next year.
The license runs from April 2008 to December 2013.
Gtech and the bank will form a joint venture called Taiwan Sports Lottery Co in which Gtech will have a 24.5 percent stake, Lottomatica said. (Reporting by Gilles Castonguay)