By PBN Staff
PROVIDENCE - Lottomatica Group S.p.A., one of the worldâ€™s largest lottery operators based on total wagers, said its Providence-based subsidiary GTECH saw an increase in revenue for the third quarter.
GTECH Lottery increased revenue to 226.3 million euros ($305.6 million, based on the Sept. 30 exchange rate of $1.3503 to the euro) in the third quarter, from 202.2 million euros, mainly due to â€śthe reimbursement of certain operating expenses that Northstar Lottery Group receives from the Illinois Lottery; product sale cyclicality and changes in GTECHâ€™s contract portfolio mix. This increase was partially offset by foreign currency.â€ť
GTECH domestic same store revenue increased 4 percent in the third quarter, benefiting from higher jackpot activity and the continued growth of instant-ticket sales, particularly in California, where sales increased 26 percent, and Illinois, where sales surged 17 percent.
During the third quarter, GTECH extended contracts with lotteries in Turkey, Trinidad and Tobago, and Missouri.
GTECH Lottery revenue for the nine months was 608.1 million euros ($821.1 million), down 2.8 percent from 625.7 million euros, as seen in the same 2010 period.
Meanwhile, Lottomatica reported a profit of 65.77 million euros ($88.8 million) in the third quarter, improving from a year earlier when it had a loss of 2.51 million euros. For the nine-month period, it had a profit of 156.45 million euros ($211.2 million), compared with 84.5 million euros through the first nine months of 2010.