Scientific Games Corporation is setting up a joint venture with Electronic Game Card Inc. to market and promote Electronic Game Card products
Scientific Games teams up with Electronic Game Card to develop brand new project
Scientific Games Corporation is setting up a joint venture with Electronic Game Card Inc. to market and promote Electronic Game Card products, which are used by the Iowa Lottery as the first digital multi-play service, GameCards, operated by US lottery.
According to Casinocitytimes.com, the agreement will cover the $40 billion "instant" sector of the overall $150 billion global lottery market. The two companies will share the costs and profits from the joint enterprise equally.
The joint venture agreement was a consequence of the preceding agreement in 2003, when Scientific Games acted as a distributor for Electronic Game. According to the new deal, Scientific Games Corporation will purchase 10% of Electronic Game Card Inc.'s common stock.
John Bentley, CEO of Electronic Game Card Inc., commented, "Scientific Games is the world's leading supplier of "instant" products to the lottery industry. It represents the most powerful distribution channel that exists for our product in reaching the global "instant" lottery market. The Iowa launch has put the Electronic Game Card product under the spotlight in the lottery industry. With Scientific Games we believe we can fully realize the promise of this product."
Steve Saferin of Scientific Games, added, "We are confident the Electronic Game Card product represents a significant new opportunity for the lottery industry by complementing our other "instant" products and increasing revenues for all lottery operators. Initial reports from the test market being conducted by the Iowa Lottery are also encouraging."
The company will develop the project with the assistance of qualified managers, who have already made a significant contribution to international lottery activity.
