New Virtual Horse Racing Introduced in China

AGTech Holdings, provider of sports lottery and online sportsbooks in China, announced total sales of its Lucky Racing virtual sports betting passing RMB 1.3 billion ($205.5 million).

Lucky Racing was launched as a joint-venture between AGTech and British casino and sportsbetting giant Ladbrokes. The sport betting service features Formula One-style rapid-draw fixed-odds.

Lucky Racing title has been introduced to around 1,500 locations throughout Hunan, China’s seventh most populated province about a year ago. The first month of its operation already boasted total sales of RMB 94 million ($15 million).

Hunan province is located in the south-central part of China. The Xiang River runs through its land. The province has over 65 million inhabitants in its 211,800 square km area, which is the 10th biggest in China.

AGTech also announced the introduction of three new bet types called Group First Two, Group First Three and Big-Small/Odd-Even, all fully compliant with the Chinese gambling laws.

Chairman and CEO of AGTech, John Sun, promises Lucky Racing to be a pioneer in the virtual sports games market in China, with hopes to conquer the growing Chinese mobile gambling market.

Sun revealed: “In the future, we expect Lucky Racing to tap the large potential of the regulated betting market in China through an expanded rollout at more retail betting shops and leisure venues nationwide as well as other distribution channels including new media channels such as mobile, Internet and Internet protocol television.”

The Renminbi, issued by the People’s Bank of China, is the official currency all over Mainland China, but not in Hong Kong, Taiwan and Macau. It translates as “people’s currency”. Yuan is the primary unit of Renminbi.