eLot, Inc. (Nasdaq: ELOT) rose 1 to 7 3/4 Tuesday after the company announced it received approval from the UK Gaming Board to conduct the Internet portion of the UK charity lottery.
eLot’s eLottery subsidiary already has a four-year contract to make it the exclusive Web-based retailer and game provider for the lottery, which is operated by GTL Management Ltd. on behalf of Inter Lotto (UK) Ltd. The national lottery, “Pick 3,” is scheduled to start March 27th, with Internet sales beginning in the second quarter.
“The UK market has never seen a Pick 3-style game,” said eLottery President Mike Yacenda, “positioning eLottery to capture significant market share in the $12 billion UK lottery market.”
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