Malaysia’s Berjaya Corporation has won an exclusive contract with a local company to enter Vietnam’s lucrative lottery business with lotto and digit games.
BCorp said in a statement that Hanoi’s Department of Planning and Investment on Wednesday approved its 18-year contract with Vietnam's only computerized lottery operator Vietlott, The Star reported.
The investment for the project is estimated at around US$210 million. Its first game, a lotto jackpot one, is expected to be launched by mid-2016, according to the report.
The project will start in Ho Chi Minh City, before around 10,000 terminals are rolled out across Vietnam within the next five years.
Vietnam’s lottery sales were around US$3 billion in 2015, official data showed.
Vietlott, together with other state-run companies, have been the only ones permitted to operate lottery businesses in Vietnam until now.
City and provinces have their own lottery companies selling pre-printed tickets. Despite the tough competition, most if not all have reported huge revenues over the past years.
Berjaya, which does business in resorts, gambling, food and beverage and property, won the contract in a bidding process over five other international lottery operators.