Taipei Fubon Bank Awarded First Taiwan Lottery
Published: Monday, September 10, 2007 Online-Casinos.com
FIRST TAIWAN LOTTERY AWARDED TO TAIPEI FUBON BANK
Taiwan sports betting to reach $910 million per year
Taiwan's Taipei Fubon Bank has won the bid to become the first-ever issuer of sports lottery tickets when the Asian island launches sports gambling next year, officials have revealed.
"Taipei Fubon Bank has been rated as the top among the three candidates," a Finance Ministry spokesman said.
The bank beat two other contenders for the right to manage a sports lottery that is slated to be launched by April 15 next year at the latest. According to the ministry, the three bidders, Chinatrust Commercial Bank, Taipei Fubon Bank, and the Bank of Kaohsiung, presented their proposals to a selection committee comprised of 12 members from different fields.
The 12 members were chosen from the Ministry of Finance, the Sports Affairs Council, the Financial Supervisory Commission, and from academic circles and civil groups.
A spokesman for Taipei Fubon estimated the six-year Taiwanese sports lottery and betting license could be worth up to US$ 910 million a year when it starts operations. Bank Vice president Yang Jui-tung added that the bank would be increasing the number of betting opportunities per year to between 4 000 and 6 000 sports events for the duration of its contract.
The sports lottery is to cover betting on sports such as US and Taiwan baseball, US professional basketball, horse racing and car racing.
Taiwan launched a public welfare lottery in 2000 to benefit the disabled by allowing them to sell lottery tickets but decided to launch sports gambling to use the proceeds to promote sports and stimulate the economy.
Analysts conservatively predicted that the lottery could bring in 20 billion Taiwan dollars (US$600 million) in revenues each year, about one-fourth of the revenues from the public welfare lottery.
It is believed that G-Tech is favoured for the software and hardware.
