51% owned subsidiary Asia Technology, has won the technical service tender to provide construction and development of virtual football game <this is a soccer game called "e-ball" that consumers can wager> management system to Jiangsu Sports Lottery Administration Center, 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.
E-Ball is the single more popular single game in China with a daily turnover of $1 million.
This successful bid is another major business development for AGTech 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.
The goal is to take E-Ball nationwide.
Disclosure: I am/we are long AGTEF, BABA.