Pollard Banknote Discloses Information Regarding Michigan iLottery Contract

Pollard Banknote Limited disclosed the Michigan Lottery (Lottery) has published their Award Recommendation results of their Internet Sales Platform & Related Services request for proposal. Currently Pollard Banknote, through a joint venture agreement with their third party technology partner, provides these services under a contract that expires in July 2026.

The Lottery has recommended starting in July 2026 the contract for the supply of iLottery and related services will be provided by a supplier other than Pollard Banknote. On a trailing twelve month basis as of March 31, 2024, the company’s share of the Michigan iLottery contract income before income taxes represents approximately $9 million of total Adjusted EBITDA.

The current iLottery supply contract will continue to be provided by Pollard Banknote and the technology partner through the end of its existing contract in July 2026. The company continue to be a partner of the U.S. iLottery market leader NeoPollard Interactive LLC which currently includes five long‐term iLottery contracts.

Pollard Banknote continues to actively market its own state of the art proprietary iLottery platform, which has been installed in a number of jurisdictions and which the company has re‐developed over the past three years specifically for the U.S. market. The company believes this will be the most effective omni‐channel iLottery solution for lotteries around the world and is looking forward to grow in this lottery market segment.

Pollard Banknote remains an important supplier to the Michigan Lottery through a number of different ongoing products and solutions including recently being awarded a new five year contract for the primary supplier for their instant tickets.