“India is sweetly positioned to exponentially grow the gaming industry,” said Vishal Seth, a managing director overseeing mergers and acquisitions for Protiviti India. “The online platform has a very strong outlook considering India has the world’s largest youth population and the second-largest Internet penetration.”
In the statement, AGTech added that the deal with Alibaba should have a significant impact on the success of these lottery systems. “Through Alibaba Group’s physical new retail distribution channel and networks, supplying the relevant hardware products in relation to Alibaba Group’s new retail initiatives allows the group to bring lottery opportunities and resources to more customers, therefore presenting direct opportunities for the further development of the group’s domain expertise of lottery technology and services.”
Alibaba and rival Tencent Holdings each boast about 1 billion users of their payment platforms, which account for 90% of total mobile transactions. They have spurred a shift away from cash and spawned countless businesses that rely on this new financial infrastructure.