AGTech to develop AR products for China Sports Lottery
Lottery solutions provider AGTech Holdings has won a contract to develop and deploy augmented reality technology for the China Sports Lottery, one of the country’s two major national lotteries.
Little information is available about the agreement, other than AGTech noting that the technology will be used for the Sports Lottery’s online promotional activities.
There will be a focus on helping the lottery appeal to a younger player base in particular.
It is the second major contract centred around new technology in the Chinese lottery market won by AGTech this month. On May 7 it prevailed in a tender for a company to research the use of blockchain technology for the China Welfare Lottery.
This will see AGTech use Ant Financial’s - an affiliate of its parent company Alibaba Group - blockchain technology and apply this to a system for conducting lottery draws. A blockchain-based system will then be tested across various Chinese provinces.
For the three months to March 31, 2019, AGTech generated revenue of HK$20.2m, a year-on-year increase of 14.1%, with the supplier boosted by sales of lottery hardware and games over the period.
However, it posted a HK$71.0m loss for the quarter, as a result of fair value changes of its convertible bonds and contingent considerations paid out in relation to its 2014 acquisition of lottery hardware supplier Score Value.