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AGTech Announces Interim Results For The Six Months Ended June 30, 2020

George Miller

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AGTech Wins Lottery Hardware Bids in Four Provinces and One Municipality of China
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AGTech Holdings Limited, a leading integrated lottery, games and entertainment technology company in China, announced the interim results for the six months ended June 30, 2020.

According to MOF figures, during the Six-Month Period, lottery market recorded sales of approximately RMB123.9 billion, a decrease of approximately 41.7% 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 Novel Coronavirus (“COVID-19”) outbreak while the business hours of lottery sales outlets were significantly reduced. Lottery sales activities have since resumed in March 2020, and the Group will continue to closely monitor the latest development and recovery post pandemic.

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. During the Six-Month Period under review, the Group won five lottery hardware tenders to supply lottery terminals to the SLACs in Anhui province, Shanxi province, Jilin province, Hubei province and Guizhou province of the PRC. 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.

Transition to new retail models presents a great opportunity for the further development of the Group’s hardware business. Many of the hardware supplies required under such new retail concept share similar technology and components that underlie the lottery hardware products supplied by the Group throughout the years. We believe our hardware division continues to be well positioned to take advantage of such opportunities in the foreseeable future.

The Group continues to operate the lottery channel on mobile Taobao and mobile Alipay to serve as a one-stop platform on lottery related information for existing and potential customers. With the recent addition of sporting content and sports intelligence services to our lottery channel, we expect to roll out further engagement features and tools to improve user experience and engagement.

From a lottery products point of view, we have identified instant scratch lottery games to be an important product initiative for the coming year, as we will be dedicating resources to open up this market within the lottery sector.

FINANCIAL HIGHLIGHTS

Revenue of the Group for the Six-Month Period amounted to approximately HK$43.9 million, representing a decrease of approximately 8.0% 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 Six-Month Period was primarily caused by the decrease in sales of lottery hardware of approximately HK$6.6 million and decrease of approximately HK$1.0 million in revenue from games and entertainment division, partially offset by an increase of approximately HK$4.6 million from the lottery games and systems.
The decrease in revenue from hardware business was due to slower tendering processes and hardware deliveries in several provinces as compared to the corresponding period in 2019 as a result of the COVID-19 pandemic.The increase in revenue from the lottery games and systems was caused by the increase in sales volume from the virtual sports lottery games in the second quarter of 2020 after the reopening of PRC lottery market.
Operating loss for the Six-Month Period was approximately HK$105.6 million, representing a decrease of approximately 12.1% 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 340 employees, AGTech is the exclusive lottery platform of Alibaba Group and Ant 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

Asia

Thai Govt Launches Sub-committees to Combat Illegal Gambling

Niji Narayan

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The Thai government has launched three new sub-committees that will try to tackle the country’s illegal gambling dens, which have been signalled as a major source of Covid-19 infections.

One sub-committee, headed by police inspector-general Gen Sarawut Kanphanit, will pinpoint areas where illegal gambling dens operate and examine the links between their heads and local police forces and administrative organisations.

Interior Ministry inspector, Phusit Somchit, will lead another sub-committee with the goal of proposing long-term measures to combat illegal gambling.

The third sub-committee will investigate the money trail illegal gambling dens leave. It will be headed by Pol Col Akkharaphon Bunyopatsatam, deputy director-general of the Department of Special Investigation.

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Asia

OKADA MANILA lights up the gaming floor with TCSJOHNHUXLEY products

George Miller

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OKADA MANILA lights up the gaming floor with TCSJOHNHUXLEY products
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Okada Manila Casino Resort is located on the Entertainment City gaming strip in Metro Manila, Philippines. The 110 acre complex comprises of the casino which covers over 26,000 square metres of gaming space incorporating more than 3,000 electronic gaming machines and 500 table games. It also includes 933 hotel rooms, a luxury spa, shopping area and ‘The Fountain’, dubbed as the largest multicolor dancing fountain in the world.

Originally opened at the end of 2016, the casino recently upgraded the gaming floor with TCSJOHNHUXLEY’s latest Blaze LED Technology products. As the industry’s only table technology to project custom video animations through the layout, Blaze has proven an exciting addition to any gaming floor. Using energy efficient LED lights that are fitted below the surface of the gaming table, Blaze uses patented technology to deliver flexibility, reliability and graphic capabilities like never before.

The latest high definition Blaze Sicbo tables feature a countdown clock with large format numbers to clearly illustrate the end of the betting period. This along with improved visibility of winning sections allows pit bosses and security staff to easily monitor game procedures from a distance.

In addition, Automatic Dice recognition (ADR) has been installed on the Blaze Sicbo tables, prioritising game integrity. The ADR unit processes an image of the dice from a camera inside the cover, and returns the result to the Blaze Sic Bo table for display on the gaming surface. This adds further security features to the game and also prevents dealer / player collusion.

Completing the order, the casino installed eye-catching Ora Grande displays that feature sleek curved lines with integrated LED’s and a large scale 32” screen, providing excellent visibility from multiple angles across the casino floor. Complementing existing Blaze Roulette tables, newly installed SaturnTM Glo Roulette wheels incorporate LED technology adding eye-catching visuals and prompts that heighten the game experience. Reading the current game status, the Saturn™ Glo’s discreet sensors work in conjunction with the LED technology to colour indicate ‘Place Your Bets’, ‘Finish Betting’ or ‘No More Bets’.

Tim Gilbert, VP of Table Games at Okada resort comments, “I am very pleased with our partnership with TCSJOHNHUXLEY. It has always been our commitment to provide extraordinary gaming experiences to our guests and our partner’s product portfolio enables us to do just that.”

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Asia

Tencent-backed VSPN Bags $60M in Series B+ Round

Niji Narayan

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Tencent-backed VSPN Bags $60M in Series B+ Round
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Total esports solutions provider Versus Programming Network (VSPN) has said that it has closed US$60 million in a series B+ funding round from Prospect Avenue Capital, Guotai Junan International and the Nan Fung Group.

With the fresh capital, the esports firm said it will develop its esports production technology, deepen the layout of esports IP trends and operations, create new esports products and content and expand its overseas esports services.

The latest investment comes three months after the company secured US$100 million in a series B funding round led by Tencent, with participation from Tiantu Capital, Susquehanna International Group and Kuaishou.

In 2016, VSPN closed its series A funding round led by Focus Media Network, Sequoia Capital China and China Media Capital.

“The esports industry is through with its nascent phase and is entering a new era. In this coming year, we at VSPN look forward to showcasing diversified esports products and content to more business partners and fans throughout the industry,” Dino Ying, founder and CEO of VSPN, said.

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