Intralot, the Athens-based developer and supplier of gaming and transaction processing systems, has announced its entry into the Caribbean market following a deal with Jamaican firm Supreme Ventures Limited (SVL).
Through its Intralot Jamaica subsidiary, the Greek company revealed that it would be launching a fixed odds betting network for the Caribbean island nation featuring two games at around 500 points of sale initially before growing this to about 1,000. Intralot stated that the deal with SVL is expected to last ten years with possible extensions and could generate $140 million.
The agreement will see Intralot undertake the complete operation of fixed odds betting for the local market and includes the provision of a central system, microLOT terminals, risk management and other supportive services subject to regulatory approvals by the Betting, Gaming and Lotteries Commission.
Intralot had initially signed a contract with Big A Track Limited to operate the network but this firm was subsequently purchased by SVL, leading to the need for a revised agreement.
In order to take full advantage of the market’s potential, the deal will also see Intralot purchase a ten percent stake in public-listed SVL, which acquired the full shareholdings of the Jamaica Lottery Company (JLC) in December of 2003.
“Our new contract and acquisition of SVL shares paves the way to the Caribbean region,” said Constantinos Antonopoulos, Chief Executive Officer for Intralot.
“With this new project we enter a new exciting territory and we are optimistic that in a short period of time we will manage to further expand our presence in the area. We are really pleased to become a partner in SVL, a very successful and promising company of the gaming sector today. The Jamaican market is full of potential and Intralot will be an indispensable part of the evolvement of the market”.