Gaming content and lottery services provider, Scientific Games and UK-based IGT have secured a deal to offer instant lottery services in Brazil. The two companies will jointly pay a total of $200 million for 15-year lottery deal.
The two companies are also required to pay a 17 percent tax on gross winnings.
In a joint statement, commenting on the development, both IGT and Scientific games said that “The award of the Brazilian LOTEX concession represents an important step towards the privatization of lottery instant games in Brazil, the world’s eighth-largest economy.
We are excited and honored by this opportunity for IGT and Scientific Games to help define the evolution of instant lottery in Brazil through a 50-50 joint venture over the next 15 years. This business partnership will benefit the people and the government of Brazil.”
Brazil had long been working on the privatization of instant lottery in the country. It is also working on expansion of gambling in the country.
Earlier in the year, in its bid to not miss on the legalized betting market in Brazil, making early arrangements, online gambling operator Betfair announced a partnership deal with the South American Football Confederation (CONMEBOL).
Following the deal, Betfair CONMEBOL’s official partner. While gambling is yet to be fully legalized in the Latin American country, some forms of sports betting are legalized.
As per the partnership deal, Betfair will now be able to display its logo in advertisements at stadiums, as well as through broadcast and social media channels.