Mainland sports betting outlets to double to 3,000
Mainland lottery investor AGTech Holdings expects to receive approval from the State Council to launch fixed-odds sports betting products in time for next year's Beijing Olympics, according to chairman and majority shareholder John Sun Ho.
'Fixed-odds betting is already on the government's agenda and we hope it can roll out in time for the Olympics,' said Mr Ho.
The company also plans to double the number of retail sports betting shops it manages on the mainland to 3,000 outlets by the end of next year, Mr Sun said.
Unlike with traditional lotteries, in which the winnings are based on the amount put into the pool by gamblers, fixed-odds customers stake their wagers against a bookmaker - in this case the government - for known odds.
AGTech, which partners with provincial branches of the Sports Lottery, is betting that a relaxation of the ban on bookmaking in the run up to the Olympics will pave the way for rapid growth.
The company in January formed a joint venture with London-based Ladbrokes, the world's largest retail betting firm, that aims to develop and sell fixed-odds betting products on the mainland.