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Company forms lottery venture with Finland’s Veikkaus

Wednesday, June 22, 2005 | 9:36 a.m.

Gtech Holdings Corp., the world's biggest seller of computerized lottery systems, formed a joint venture with Veikkaus Oy, operator of Finland's national lottery, to develop and sell games and technology, with an emphasis on sports betting.

Gtech will hold an 81 percent stake in the venture, with Veikkaus holding the remainder, the West Greenwich, Rhode Island- based company said in a statement. The venture will be based in Finland and will be staffed initially by Veikkaus workers, Gtech said.

The company expects to benefit from Veikkaus's success at developing new games and distributing them through other means than traditional retailers. For the fiscal year ended in February, Gtech's revenue outside of the U.S. and Brazil rose 9.9 percent to $599 million.

The venture is expected to be in operation beginning in the fiscal third quarter, Gtech said.

Gtech shares fell 25 cents to $28.75 at 4:01 p.m. in New York Stock Exchange composite trading. The stock has gained 15 percent in the past year.

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