AGTech Holdings Limited, a leading China lottery technology and professional services company reported that its “Lucky Racing” virtual sports betting game has exceeded RMB100 million in total sales to date following the game’s official launch on 30 August 2011.
That’s not just doing well in the market, that’s dominating it.
Lucky Racing is a fixed odds betting game that is broadcast to lottery shops via a central computer and cable TV. The game is a computer generated F1 style car race with the same betting options as horse racing.
Lucky Racing has been rolled out to about 1,300 lottery shops in the Hunan province within the first month of launch and sales of Lucky Racing now exceeding sales of all other lottery and wagering products in the Hunan province.
The approval by the central Chinese regulators for this form of betting was a milestone in China and the game’s impressive numbers shows that the game is well received and indicates that this new market segment is poised to achieve significant market share.
A joint-venture between AGTech and United Kingdom’s bookmaker, Ladbrokes, supplies the Lucky Racing game and the underlying betting transaction system to China Sports Lottery.
According to the AGtech’s press release, the joint-venture, having successfully introduced and launched its betting platform in China, is now in a unique position to expand its initial game and introduce stable virtual sports games for China Sports Lottery, targeting the expansive growth of the leisure and entertainment “wallet” in China.
With continued success in the initial province of Hunan combined with the central regulators game and game rule approvals, it is expected that the game has a huge potential to expand nationwide in terms of retail betting shops and the newly approved media channels such as mobile, internet and Internet Protocol Television (IPTV).