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AGTech Announces First Quarterly Results For the Three Months Ended March 31, 2020

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AGTech Announces First Quarterly Results For the Three Months Ended March 31, 2020
AGTech Announces First Quarterly Results For the Three Months Ended March 31, 2020Reading Time: 3 minutes

 

AGTech Holdings Limited, a leading integrated lottery, games and entertainment technology company in China, announced the first quarterly results for the three months ended March 31, 2020.

According to Ministry of Finance of the PRC figures, during the Three-Month Period, lottery market recorded sales of approximately RMB37.7 billion, a decrease of approximately 64.5% compared to the corresponding period in 2019. Of this, Welfare Lottery amounted to approximately RMB18.06 billion, representing a decrease of approximately 63.2% compared to the corresponding period in 2019. The Sports Lottery achieved sales of approximately RMB19.65 billion, representing a decrease of approximately 65.7% 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 the COVID-19 outbreak while the business hours of lottery sales outlets were significantly reduced. The Group is closely monitoring the latest development and impact of the COVID-19.

AGTech will continue to leverage on and explore opportunities for collaboration with Alibaba Group’s retail ecosystem to enhance on lottery distribution models where appropriate. The Group also anticipates a gradual rollout of our SaaS (Software-as-a-Service) platform aiming to serve and benefit users from all sectors within the lottery supply chain. Our platform is expected to be well equipped for applications within the Alibaba digital ecosystem, in addition to any potential change in distribution channels other than the current retail model.

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. 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.

Paytm First Games, a joint venture of the Group with One97 Communications Limited continued to develop its mobile games and entertainment platform in India, offers players a unique online experience with popular games content such as social games, card games and fantasy sports games. The Group is hopeful that Paytm First Games will continue to grow its user base, paving the way to monetize this unique platform, thus capitalizing on the significant potential of the fast growing mobile games and entertainment market in India.

 

Financial Highlights

Revenue of the Group for the Three-Month Period amounted to approximately HK$13.7 million, representing a decrease of approximately 32.2% 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 Three-Month Period was primarily caused by the decrease in sales of lottery hardware of approximately HK$3.4 million, decrease of approximately HK$1.5 million in revenue from the provision of lottery distribution and ancillary services, and decrease of approximately HK$1.2 million from the lottery games and systems.

Such decrease in revenue was mainly due to the prolonged closure of domestic lottery market which lasted nearly 40 days and delay in lottery hardware tender and delivery as a result of the COVID-19 pandemic. Under the market closure arrangements for Chinese Lunar New Year, the PRC’s lottery market was closed from 22 to 31 January 2020 and was originally scheduled to resume sales on 1 February, 2020. Amidst prevention and control of the pandemic, reopening of the PRC’s lottery market was postponed to 11 March 2020, since then sales of welfare lottery and sports lottery have begun to gradually resume subject to different arrangements in different regions.

The loss for the Three-Month Period was approximately HK$64.6 million, representing a decrease of approximately 9.0% over the corresponding period in 2019.

 

About AGTech Holdings Limited:

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 360 employees, AGTech is the exclusive lottery platform of Alibaba Group and Ant Financial 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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This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: AGTech Announces First Quarterly Results For the Three Months Ended March 31, 2020

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Meridian Donate: Revolutionizing CSR in the Betting and Gaming Industry

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  • Innovative engagement strategy positions MeridianBet as a leader in CSR within the betting and gaming industry
  • Optimized brand loyalty as active customer participation in CSR strengthens connection and loyalty
  • Scalable impact, as the model is designed for expansion and could be adapted to new markets, indicating potential for widespread adoption and growth

Transforming Customers into Environmentalists and Humanitarians

MeridianBet’s pioneering initiative, Meridian Donate, is transforming the betting industry by engaging customers directly in corporate social responsibility (CSR) actions. This unique platform allows customers to actively participate in and fund various environmental, societal and humanitarian projects, setting a new standard for customer engagement and community impact.

Key Features of Meridian Donate:

  • Direct customer involvement: Customers are not just donors but active participants in CSR decisions
  • Diverse programs: Offers choices from global afforestation to local humanitarian efforts
  • Partnerships with renowned organizations: Collaborates with entities like the Red Cross and UNICEF

Expanding Impact: A Year-by-Year Growth

The Meridian Donate platform has seen substantial growth in its scope and impact:

  • Number of individual campaigns: Grew from 8 in 2021 to 20 in 2023
  • National markets Integrated: Expanded from 3 in 2021 to 8 in 2023
  • Direct Beneficiaries: Increased from 43 NGOs in 2021 to 159 in 2023

In 2023 alone, the platform’s expansion into eight markets facilitated 20 customer-funded campaigns, directly benefiting 159 NGOs, up from 122 the previous year.

Continued Commitment to Innovation and Community Involvement

Meridian Donate not only showcases MeridianBet’s dedication to CSR but also redefines the role of digital marketing within the industry. By converting sports bettors into active CSR participants, Meridian Donate enhances customer loyalty and brand value, making it a critical element of MeridianBet’s market strategy.

Recent Successes and Future Outlook

In its recent operation, Meridian Donate has launched an ambitious global afforestation initiative, committing to plant 20,000 seedlings across various regions. This project not only underscores our environmental commitment but also enhances our brand’s community presence. Already, several hundred contributions have been recorded in the platform’s first month, indicating robust customer engagement and support.

The post Meridian Donate: Revolutionizing CSR in the Betting and Gaming Industry appeared first on European Gaming Industry News.

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Imagine Live Launches Casino Hold’em

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Imagine Live proudly unveils its latest game addition – Casino Hold’em. This thrilling new game promises to elevate the poker experience for enthusiasts and novices alike, combining the excitement of traditional Texas Hold’em with the thrill of live casino action.

Casino Hold’em offers players a dynamic and immersive gaming experience. With sleek graphics, intuitive gameplay, and live dealers, players will feel seated at a high-stakes table in a world-class casino right from the comfort of their homes.

Key features of Casino Hold’em include:

Neon-lighting Studio: Casino Hold’em has a very inviting atmosphere. It features an elegant, well-designed studio with neon lighting that evokes a sophisticated gaming environment.

Captivating Gameplay: Stunning graphics and seamless gameplay transport players to the heart of the action.

Bonus Bet: In Casino Hold’em, players can place a Bonus bet alongside their initial Ante bet. Even if the Play bet is lost, the Bonus bet remains unaffected and can still be won if the specific hand criteria are met.

Multiplatform Compatibility: Enjoy Casino Hold’em on desktop, tablet, or mobile devices, allowing players to play anytime, anywhere.

“We’re thrilled to introduce Casino Hold’em to our players,” said Mikayel Aznauryan, Chief Product Officer at Imagine Live. “At Imagine Live, we’re committed to delivering premium gaming experiences, and Casino Hold’em is no exception. With its blend of live action, strategic gameplay, and neon design, we believe it will quickly become a favorite among poker enthusiasts worldwide.”

The post Imagine Live Launches Casino Hold’em appeared first on European Gaming Industry News.

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Relax Gaming increases Italian presence via Octavian Lab aggregation deal

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Relax Gaming, the iGaming aggregator and supplier of unique content, has further increased its footprint in the Italian market with Octavian Lab.

Octavian Lab is a software house and service provider for online gaming suppliers. Led by highly specialised technicians, the company is committed to the development of products, protocols and integrated solutions in key regulated iGaming markets.

This partnership will see Octavian Lab’s operator partners in Italy, including leading sportsbook and casino Eurobet, gain access to a host of popular Relax Gaming titles.

Eurobet players are now able to enjoy timeless classics from Relax Gaming including the hugely popular Money Train series, Wild Chapo 2 and Marching Legions.

Gianluca Crimaldi, Director of Italy at Relax Gaming, said: “In order to continue our hugely successful trajectory in key markets such as Italy it is imperative that we continue working alongside some of the industry’s best aggregators.

“We are delighted to partner with the talented team at Octavian Lab who are helping ensure our games reach Italian players via the country’s top operators.”

Emanuele Nocentelli, CEO of Octavian Lab added: “We are proud of our partnership with Relax Gaming, one of the industry’s leading providers of high-quality games. It’s fantastic to be distributing their portfolio via our Gaming and Aggregation platforms and we are confident that Relax content will resonate with a wide audience of players across Italy. We look forward to maintaining and building upon this partnership for a long time to come.”

The post Relax Gaming increases Italian presence via Octavian Lab aggregation deal appeared first on European Gaming Industry News.

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