INTRALOT EXPANDS IN THE ITALIAN VLTs MARKET (19/04/2009)
INTRALOT enters the newly established Italian VLTs’ market through a joint venture with Cogetech S.p.A., a leading licensed VLT operator in Italy. INTRALOT owns a 51% stake of the newly incorporated joint venture. The operation of the VLTs is expected to commence in the 1st semester of 2010.
The biggest part of the machines will initially be incorporated in INTRALOT’s network of dedicated betting shops, the second biggest in Italy. This synergy between betting and VLTs is expected to drive both the sales increase, based on the global experience, as well as economies of scale through the utilization of common infrastructure.
Established in 2004, Cogetech S.p.A. is one of the top 4 players of the Italian slot machines (AWPs’) market, one of the biggest markets in Europe. The company has more than 38.000 AWPs in 15,000 points of sale, while it also operates sports betting, online poker, and provides commercial services and e-payments.
Mr. Fabio Schiavolin, CEO of Cogetech, stated: “We are very pleased to join our know-how that led us to become one of the major players in the slot machines market in Italy to INTRALOT, a company that has established a strong network and a very respected brand name in Italy, incorporating its valuable experiences from the global gaming market. The rapid development of the AWP’s Italian market and our extensive experience in this field makes us very optimistic about the course of the VLTs market and our expansion in this field as well. We are confident that our partnership with INTRALOT will lead to impressive results."
Mr. Constantinos Antonopoulos, INTRALOT Group CEO, commented: “We are very pleased, as our agreement with Cogetech marks our entrance into the Italian VLTs’ market, creating synergies with our investment in the country’s betting market that continues to grow remarkably. The successful liberalisation model of the Italian market has set an example that many European countries follow, and we are very excited to become a part of this successful implementation. INTRALOT intends to further enhance its presence in the VLTs market both in Italy, in view of the new developments, and worldwide. Together with Cogetech we will work closely, in order to seize other business opportunities and further expand in the lucrative Italian market.”