AGTech revenues grow as launch of new virtual game nears


Revenues for China lottery services company AGTEch Holding Ltd. rose 4.6 percent in the second quarter to HK$59.6 million ($7.7 million) from the same period last year. The company reported a net loss of HK$49.4 million for the quarter, mostly from accounting change for share options granted to directors, compared with a HK$14.9 million loss a year earlier.

The company said a subsidiary had won its second tender in a planned national round of sports lottery terminal upgrades, with a contract to supply 75 percent of machines for the Guizhou Sports Lottery Administration Centre. It did not say how many machines might be involved. AGTech said it expected to launch a new virtual fixed-odds sports betting in a “leading [province] in the relatively near future” based on the success in Hunan of the virtual car racing game Lucky Racing that operates through a joint venture with Ladbroke Group. The game accounted for 30 percent of Hunan sports lottery revenues in the first half of 2013.