28th of October 2011 Author: Ava Jackuard
A Cdn$28 million investment for Armenian lottery
This week's reports from Amaya Gaming involve news that the Montreal-based company has nailed a deal based on which it will invest Cdn$28 million in establishing a national Armenian lottery.
The lottery will be formed on the same pattern as the Sportloto lottery, and according to the Armenian finance minister Vache Gabrielian, Amaya and his government will set up a parity-based company, titled Amaya Armenia, whose income will be distributed equally between the shareholders.
In addition, he specified that the company will be capitalized at 200 million drams, and that the Cdn$28 million invested by the Canadian company will come in the form of technological equipment.
It has been estimated that the company will bring a lot of additional cash to the government - several billion drams in additional revenue annually, 2 billion drams in 2012, and 7 billion in 2013.
In terms of money laundering and fraud prevention, the collaboration between the government and Amaya will make sure any such offence is instantly prevented with the help of a centralized system of control and accounting.
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