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ONLINE GAMBLING GROUP IN ARMENIAN LOTTERY DEAL
Friday, October 28, 2011 : Montreal-based Amaya Gaming seals lottery deal with a Cdn$28 million investment
Montreal-based Amaya Gaming personnel are working on a project on the other side of the world, the Armenian news agency Arka reported this week.
The company, which acquired Chartwell Technology earlier this year and is running lottery operations in Africa, is to invest Cdn$28 million in establishing a national Armenian lottery patterned on the Sportloto lottery run during the Soviet times, a government announcement revealed.
Armenian finance minister Vache Gabrielian said the government and Amaya Gaming group will set up a joint company on a parity basis, titled Amaya Armenia and capitalised at 200 million drams.
The Canadian company will invest Cdn$28 million in the form of technological equipment, and the income from the lottery will be distributed equally between the shareholders. The minister said it will secure annually several billion drams in additional revenue for the government, 2 billion drams in 2012, and 7 billion in 2013.
The government is planning also to collaborate with Amaya in the establishment of a centralised system of control and accounting to prevent fraud, money laundering and other forms of economic crime. He said in the first stage the Canadian company will provide Cdn$4 million worth equipment which later will pass to the government.
As of January 1, 2011 there were 90 effective licenses for the organisation of gambling games in Armenia, including land casinos and lotteries.
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