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AGTech Announces Interim Results For The Six Months Ended June 30, 2020

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AGTech Holdings Limited, a leading integrated lottery, games and entertainment technology company in China, announced the interim results for the six months ended June 30, 2020.

According to MOF figures, during the Six-Month Period, lottery market recorded sales of approximately RMB123.9 billion, a decrease of approximately 41.7% compared to the corresponding period in 2019. Other than the closure of national lottery market during Chinese Lunar New Year, the drop in sales was mainly due to the impact of Novel Coronavirus (“COVID-19”) outbreak while the business hours of lottery sales outlets were significantly reduced. Lottery sales activities have since resumed in March 2020, and the Group will continue to closely monitor the latest development and recovery post pandemic.

AGTech’s Hardware division primarily supplies the Sports Lottery and the Welfare Lottery and has hardware deployed in multiple provinces, cities, municipalities and autonomous regions across China. During the Six-Month Period under review, the Group won five lottery hardware tenders to supply lottery terminals to the SLACs in Anhui province, Shanxi province, Jilin province, Hubei province and Guizhou province of the PRC. The Group will continue to pursue tenders to supply to the lottery and other hardware market and bid for new contracts after resumption of tenders post COVID-19 delays.

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Transition to new retail models presents a great opportunity for the further development of the Group’s hardware business. Many of the hardware supplies required under such new retail concept share similar technology and components that underlie the lottery hardware products supplied by the Group throughout the years. We believe our hardware division continues to be well positioned to take advantage of such opportunities in the foreseeable future.

The Group continues to operate the lottery channel on mobile Taobao and mobile Alipay to serve as a one-stop platform on lottery related information for existing and potential customers. With the recent addition of sporting content and sports intelligence services to our lottery channel, we expect to roll out further engagement features and tools to improve user experience and engagement.

From a lottery products point of view, we have identified instant scratch lottery games to be an important product initiative for the coming year, as we will be dedicating resources to open up this market within the lottery sector.

FINANCIAL HIGHLIGHTS

Revenue of the Group for the Six-Month Period amounted to approximately HK$43.9 million, representing a decrease of approximately 8.0% over the corresponding period in 2019. Revenue contributions were mainly derived from lottery hardware, lottery games and systems, provision of lottery distribution and ancillary services, games and entertainment business in the PRC.
The decrease in revenue for the Six-Month Period was primarily caused by the decrease in sales of lottery hardware of approximately HK$6.6 million and decrease of approximately HK$1.0 million in revenue from games and entertainment division, partially offset by an increase of approximately HK$4.6 million from the lottery games and systems.
The decrease in revenue from hardware business was due to slower tendering processes and hardware deliveries in several provinces as compared to the corresponding period in 2019 as a result of the COVID-19 pandemic.The increase in revenue from the lottery games and systems was caused by the increase in sales volume from the virtual sports lottery games in the second quarter of 2020 after the reopening of PRC lottery market.
Operating loss for the Six-Month Period was approximately HK$105.6 million, representing a decrease of approximately 12.1% over the corresponding period in 2019.
About AGTech Holdings Limited

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AGTech was incorporated in Bermuda and its shares are listed on the GEM (Stock Code: 08279). AGTech is an integrated technology and services company engaged in the lottery and mobile games and entertainment market with a focus on China and selected international markets. A member of the Alibaba Group with around 340 employees, AGTech is the exclusive lottery platform of Alibaba Group and Ant Group.

AGTech’s businesses are broadly divided into two categories:

Lottery (including hardware, games and systems, provision of distribution and ancillary services); and
Games and Entertainment.
AGTech is a Gold Contributor of the World Lottery Association (WLA), an associate member of the Asia Pacific Lottery Association (APLA), and an official partner of the International Mind Sports Association (IMSA).

Source: AGTech Holdings Limited

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Junglee Rummy Unveils the Grand Winnings Tournament Premiere Series with a 35 Crore INR Guaranteed Prize Pool

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Junglee Rummy, India’s Most Trusted Rummy Site, has launched its highly anticipated GW Premiere Series, the final leg of its three-month-long Grand Winnings Tournament, with a guaranteed prize pool of 35 crore INR. Launched on 1 September 2024, the GW Premiere Series is designed to thrill rummy enthusiasts and test the sharpest minds in the game, culminating in a thrilling grand finale on 30 September 2024, where players will compete to win from a 2.5 crore INR guaranteed prize pool.

The Grand Winnings Tournament, which kicked off in July this year, has sparked immense excitement in the online rummy community by offering a total prize pool of over 90 crore INR. The tournament has already attracted more than 6 lakh players from across the country, with over 35 thousand winners so far. The tournament has featured standout campaigns, such as the GW Millionaire Series and the GW Azadi Series, each pushing the boundaries of skill gaming and strategic acumen. The GW Premiere Series aims to elevate the competitive spirit even further, featuring daily finales with a 40 lakh INR guaranteed prize pool. Players can also compete in weekly finales with a prize pool of up to 1.25 crore INR each.

Mohul Mukherjee, Vice President of Product Marketing and Communications at Junglee Games, said: “As the Grand Winnings Tournament culminates into the Grand Winnings Premiere Series, the red carpet is rolled out with even bigger rewards for players. The popularity of the series in the last two months bears testimony to the great passion our players have for the game, and we remain committed to providing them with an exceptionally rewarding experience.”

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Junglee Rummy’s commitment to entertainment and skill-based competition shines through the GW Premiere Series. With the grand finale featuring a 2.5 crore INR guaranteed prize pool, the series promises unparalleled excitement and challenge, reiterating Junglee Rummy’s dedication to celebrating and rewarding the art of skill gaming.

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Esports World Cup Foundation Signs MoU with China Media Group and VSPO

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The Esports World Cup Foundation (EWCF), on August 25, signed a Memorandum of Understanding (MoU) with China Media Group’s National Institute for Esports Development (NIED) and VSPO, the largest esports company in Asia, at the New Global Sport Conference (NGSC24).

The three-way agreement, signed during the New Global Sport Conference at the Four Seasons Hotel in Riyadh, is a significant step forward for the industry and aims to leverage the resource advantages of each organisation. It fosters collaboration within the sports culture industry, with a particular focus on esports and gaming.

The signing ceremony was attended by Mr. Faisal Bin Homran, Chief Product Officer of Esports World Cup Foundation; Mr. Xu Qiang, Director of the Youth Sports Programme Centre of China Media Group and Executive Vice President of NIED; and Dino Ying, Founder, Chairman and CEO of VSPO.

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Under the terms of the MoU, all three organisations will collaborate on a wide range of initiatives within China. Key areas of cooperation include esports event broadcasting on CCTV, the application of cutting-edge technologies, market expansion and the promotion of event content.

Faisal Bin Homran said: “I welcome this collaboration between the Esports World Cup Foundation, China Media Group’s National Institute for Esports Development and VSPO. Together, with our combined platforms, expertise and resources, we are confident we can elevate the industry to new heights and continue to engage and inspire fans and audiences throughout China.”

Ying said: “It’s a huge honor to be a strategic partner with the Chinese Media Group and the Esports World Cup Foundation with the establishment of the CMG National Institute for Esports Development, which marks another key sign of Beijing’s support for esports development.”

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BETBY STRENGHTENS 4RABET PARTNERSHIP WITH STRATEGIC AGREEMENT FOR ASIA EXPANSION

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BETBY, the premium sports betting supplier, has announced the expansion of its long-standing partnership with 4rabet, building on their initial agreement to provide premium sportsbook solutions. This enhanced collaboration is now focused on capturing growth opportunities in the Asian market.

4rabet brings “extensive expertise and a deep understanding of the Asian market,” which will support BETBY’s goal of expanding its presence in the region. BETBY plans to introduce a variety of content and features specifically tailored for the Asian gaming community.

This latest development with a key industry partner further solidifies BETBY’s reputation for establishing successful partnerships, following several similar expansions announced in recent months.

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Chris Nikolopoulos, CCO at BETBY, commented: “We are thrilled to expand our presence in the Asian market alongside 4rabet. We recognize the vast potential in the region and are dedicated to providing an exceptional sportsbook solution and betting experience for players there. This partnership is a significant milestone in our mission to deliver innovative betting experiences, including our popular esports content, that resonate with the Asian audience.”

Alex Petrenko, Head of Sportsbook at 4rabet, added: “4rabet continues to enhance its specialized offerings for the Asian market through strong partnerships with industry leaders, guided by our comprehensive 360-degree approach. BETBY shares our commitment to delivering top-tier sports betting entertainment, and I am confident that this long-term partnership will be mutually beneficial for both companies.”

The post BETBY STRENGHTENS 4RABET PARTNERSHIP WITH STRATEGIC AGREEMENT FOR ASIA EXPANSION appeared first on European Gaming Industry News.

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