International Game Technology's Subsidiary Forays Into The Brazilian Lottery Market

International Game Technology PLC's IGT subsidiary IGT Global Solutions Corporation, along with Scientific Games, disclosed operating an instant and passive lottery in the State of Minas Gerais, Brazil. 

The companies formed a consortium and executed a concession deal with the Minas Gerais State Lottery (LEMG) for the same. 

The consortium, which comprises IGT's local partner SAGA Consultoria e Representações Comerciais e Empresariais S/A (SAGA), will bring lottery games to players in the southeastern state.

The state has a population of 21 million, with lottery games being the only form of legalized gaming. 

Per the terms, the 20-year agreement offers the consortium an exclusive license for lottery operations in Minas Gerais with an option for another 20-year renewal. 

IGT and Scientific Games will lead the consortium's operation and offer printed instant games planning and production in Minas Gerais.

The deal is effective June 9, 2023, and the consortium expects to launch instant games by the end of 2023.

"We are very pleased to enter the Brazilian lottery market through this partnership with Scientific Games and SAGA, leveraging IGT's decades-long experience operating some of the world's largest lotteries, along with best-in-class instant ticket and passive lottery solutions for player entertainment and good causes. This agreement enables us to expand IGT's global leadership in lottery and build upon our operational expertise while creating additional opportunities in Brazil through the launch of printed instant tickets and related services," said Jay Gendron, IGT Chief Operating Officer, Global Lottery.

Also Read: Rising Fortunes For IGT: Analyst Upgrade Signals Confidence In Gaming Tech Giant's Future

Price Action: IGT shares are trading higher by 0.85% at $31.85 on the last check Tuesday.