Ladbrokes' JV extends China presence with Virtual Football
Approval from Ministry of Finance allows AGT joint venture to launch new virtual fixed-odds sports betting game
Ladbrokes will extend its presence in China through the launch of a virtual fixed-odds sports betting game in the Jiangsu province through its joint-venture AGT.
Virtual Football has received approval from the country’s Ministry of Finance, becoming only the second national virtual fixed-odds sports betting title in China after Lucky Racing Game, which is also owned by AGT.
AGT is a joint venture between the Ladbrokes and Hong Kong-based lottery services provider AGTech, with Ladbrokes holding a 49% stake.
The game will initially launch in the Jiangsu province, however, AGT has plans for a country-wide launch should it prove to be successful.
Virtual Football plays four matches every twenty minutes and has a 69% pay-out ratio, the highest pay-out category in China.
“[Virtual Football] confirms virtual fixed odds sports betting as a proven concept: a fully accepted, rapidly growing, multi-product game category in China,” John Sun, chairman and CEO of AGTech, said.
The expansion of Ladbrokes’ presence in China comes amid a wider expansion strategy, with the online launch of the operator’s Spanish brand Sportium due before the end of the year on top of its recent move into Australia.
The operator also expects to introduce Sportium into Mexico early next year in the build-up to the 2014 FIFA World Cup, held in Brazil in June and July.