Gtech Clinches Finnish Lottery Deal
Published: Friday, June 24, 2005 Online-Casinos.com
GTECH CLINCHES FINNISH LOTTERY AND SPORTS BETTING DEAL
National lottery Veikkaus partnering
The company that is arguably the world's biggest computerised lottery systems developer, Gtech Holdings Corp., has teamed with Veikkaus Oy, operator of Finland's national lottery, to develop and sell games and technology, with an emphasis on sports betting.
Gtech will hold an 81 percent stake in the venture, with Veikkaus holding the remainder, the West Greenwich, Rhode Island- based company said in a statement. The venture will be based in Finland and will be staffed initially by Veikkaus workers, Gtech said.
The company expects to benefit from Veikkaus's success at developing new games and distributing them through other means than traditional retailers. For the fiscal year ended in February, Gtech's revenue outside of the U.S. and Brazil rose 9.9 percent to $599 million.
The venture is expected to be in operation beginning in the fiscal third quarter, Gtech said.
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