After being forced to withdraw from the lottery a few years ago, the Chinese group Alibaba is making a comeback in this industry. This new introduction was made thanks to an investment made in Agtech Holdings Ltd. As a reminder, restrictions have been issued by the authorities, forcing the group to quit the Chinese lottery industry. In addition to the lottery, he also intends to integrate the circle of poker.
To mark its big comeback in the world of games, Alibaba decided to invest in the lottery by making an investment in the order of $ 308 million. Such an amount is equivalent to controlling 59% of Agtech Holdings Ltd. It should be noted that this is not the first time for Alibaba and its subsidiaries. A few years ago, the group already took the same steps. However, restrictions put in place by the government forced it out of the market just over a year ago. For Agtech, this significant investment will allow it to move forward and develop its business.
This money will also be used by Agtech to expand its activities to other provinces. It will also be used to invest in new materials and to develop the games. It should be noted that in China more than 7% of the population plays the lottery. For a country that is so populated, this market share is enormous. In Hong Kong, more than 50% play this game. These figures show why Alibaba has decided to invest in it. It cannot be denied that there is real potential and that growth is almost certain to be positive.
Alibaba Sport also launches into “Poker” matches
According to press agencies in China, Alibaba Sport has also just concluded a partnership with China’s Oceans Sports and Entertainment. The objective is to offer poker matches. This agreement was made because the IFP collaborates with the International Federation of Poker. China’s Oceans Sports and Entertainment also expects to recruit just over 2 million new Chinese players over the next 5 years.
Despite Chinese law which prohibits casino games, these large groups have found the necessary means to circumvent the law. Indeed, in these tournaments, these are the points that are taken into account. It is also a team game, thus making it possible to take advantage of the existing loophole in the game in China. To do this, there are no physical cards, but digital cards issued by the international federation. Poker is also presented here as a team game and the calculation of scores which is based on a game principle.
These changes allow the game to qualify as a sport, leading it into the category of esports and not gambling. According to the president of the International Poker Federation, this partnership between Ocean’s and Alibaba will create a powerful group. which will influence the world of sport on a global level. He was also delighted, as both sides will focus on the launch and promotion of poker matches, as he believes this sector has great potential.
It will also be an opportunity for many companies to make money at the level of clubs, leagues, tournaments and memberships. Alibaba, which today weighs more than 25 billion dollars, will once again assert its notoriety as it has already done in the online sales market.
