INTRALOT SIGNS SPORTS BETTING CONTRACT IN JAMAICA & ACQUIRES A STAKE IN SUPREME VENTURES LIMITED
October 13, 2008
INTRALOT S.A. announces that, through its wholly owned subsidiary INTRALOT Jamaica, it will launch the operation of Fixed Odds Betting in Jamaica. The duration of the contract is 10 years with possible extensions.
INTRALOT Jamaica will undertake the complete operation of Fixed Odds Betting in the local market, including the provision of the central system, the microLOT terminals, risk management and other supportive services, subject to regulatory approval of the Betting, Gaming and Lotteries Commission (BGLC). INTRALOT will launch two games in the Jamaican market at an initial network of approximately 500 points of sale that is expected to reach 1,000.
Initially, INTRALOT signed a contract with Big “A“ Track (“2003”) Ltd (Big A), which holds a license to operate Fixed Odds Betting, in order to cooperate in the Jamaican market. Big A has subsequently been acquired by Supreme Ventures Limited (SVL), and will therefore cooperate with INTRALOT on the undertaken project. INTRALOT and SVL will work together on the start up and the expansion of the network. INTRALOT’s revenues from the management fee are expected to reach US$140 million over the contract term. Moreover, considering the great potential of the market, INTRALOT has been committed to acquire a stake of up to 10% of SVL. This acquisition is an indication of INTRALOT’s commitment to play a significant role in the region and is a decisive step for INTRALOT’s penetration into the Caribbean gaming market.
SVL is a public listed company that started operations in 2001. During its relatively short tenure, Supreme Ventures has earned the enviable reputation of being one of the leading and more dynamic companies in Central America and the Caribbean. SVL acquired 100% of the shareholdings in the Jamaica Lottery Company (JLC) in December 2003, thus gaining a larger foothold in the local gaming industry. According to its 9 months results (ended July 2008) revenues reached US$ 224.5 million and net income US$ 6.8 million, posting an increase of 13.5% and 107.4% respectively in comparison with the same period of 2007.
Jamaica is an island of the Greater Antilles, situated in the Caribbean Sea. The country of Jamaica is a mixed economy with state enterprises as well as private sector businesses with a population of 2.7 million inhabitants and its GDP per capita that reaches US$4,100. Jamaica is the third largest island of the Caribbean, and the most populous English-speaking island in the region.
Commenting on the agreement, Mr. Constantinos Antonopoulos, CEO of INTRALOT, stated: “Our new contract and acquisition of SVL shares paves the way to the Caribbean region. With this new project we enter a new exciting territory and we are optimistic that in a short period of time we will manage to further expand our presence in the area. We are really pleased to become a partner in SVL, a very successful and promising company of the gaming sector today. The Jamaican market is full of potential and INTRALOT will be an indispensable part of the evolvement of the market”.
SVL Chairman, Mr. Hoo Paul, added: “We are very pleased to have the opportunity to cooperate with INTRALOT in fulfilling our vision of significantly expanding the gaming market in Jamaica. We are also especially pleased that INTRALOT has shown its confidence in Supreme Ventures by becoming a shareholder in addition to a business partner. Sports Betting is a field that is very successful globally and we are confident that based on INTRALOT’s expertise in Fixed Odds Betting, we will make this operation an example to be followed in the international gaming sector.”
INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content and sports betting management, to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting & Video Lottery operations and its leading-edge technology, give INTRALOT a competitive advantage which contributes directly to customers’ efficiency, profitability and growth. With presence in 50 countries, with approximately 4,500 people and revenues of €835.5 m. for 2007, INTRALOT has established its presence on all 5 continents.