A.G. TECH IN LOTTERY DEAL WITH ASIAN E-COMM GIANT
Hong Kong-based gambling group to use Alibaba channels and networks.
Hong Kong-based online and land gambling group AGTech has inked a deal with the Asian e-commerce giant Alibaba which will see its lottery products and services distributed and sold through selected Alibaba channels and networks.
The two companies have agreed to a 50:50 sharing agreement on the commission income generated from these channels, AGTech reported in a stock exchange advisory Wednesday, noting that it had also been authorized to operate the lottery channel on the Alibaba online platform, which would be accessible once the online lottery suspension imposed by the Chinese government a year ago is lifted.
The agreement also allows for the Alibaba Group to provide technology services and resources to AGTech, including authorization of the use of Cloud computing and e-commerce technologies and support.
The agreement is for two years and ends in December 2019..