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GTECH lands 5-year deal with Finland lottery

Dec 21, 2004, 9:59 am

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IGTIGT: GTECH lands 5-year deal with Finland lottery

Lottery systems operator Gtech Holdings Corp. reported Monday that it signed a five year deal with the Finnish national lottery.

Veikkaus Oy, the operator of the Finnish national lottery, awarded the contract to Gtech to replace the country's existing lottery system with new software and terminals as well as provide ongoing services for the systems. The contract has automatic provisions for two, two-year extensions which would extend the contract until 2013.

The company expects to generate $38 million to $40 million to install the new lottery system and bring in $25 million to $27 million over the five years for software and consultancy services. Gtech had 2004 revenue of $1.05 billion.

Shares of Gtech rose 44 cents, or 1.5 percent, at $28.96 in midday trading on the New York Stock Exchange.


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