Chinese sports betting and lottery software and systems developer AGTech reported a 178 percent growth in total revenues for the third quarter in 2012. AGTech revenues amounted to HKD 64.29 million ($8.29 million) in a year-on-year comparison.
The Chinese online gambling company reported a 5 percent year-on-year gross profit increase to HKD18.7 million ($2.41 million) for the third quarter. The overall loss for the same period decreased by nearly 3 percent to HKD 8.12 million ($1.04 million) compared with the same period in 2011.
AGTech, with offices in Beijing as well as in the special administrative regions of Hong Kong and Macau, operates the Lucky Racing virtual sports betting game in the Hunan province through a partnership with British land and online gambling firm Ladbrokes.
The Formula One-style fixed-odds game was deployed according to the Chinese gambling laws in over 1,500 locations throughout Hunan province, and reached HKD 1.3 billion ($205.5 million) in sales since its launch just a little over a year ago.
John Sun, Chairman and Chief Executive Officer for AGTech commented: “We are pleased to see that our efforts to build a uniquely balanced complementary suite of businesses has borne fruit in terms of continued growth in revenues and gross profits.”
Sun added: “We are excited not only by the overwhelming acceptance of the virtual sports fixed-odds betting game Lucky Racing by lottery players in Hunan but also the huge interest we have seen from other provinces and the very real progress that we are making to launch an additional game type in another province.”
Sun revealed his company’s future plans: “These developments strengthen our belief that this new genre of game has great potential to significantly grow the sports lottery market on a national basis.”
Sun went further on: “While the group has successfully created a balanced business with leading positions across the main sports lottery verticals in China, the group believes that the business will continue to enjoy rapid growth and achieve further significant milestones in the coming months.”