SHANGHAI, CHINA — (MARKET WIRE) — May 29, 2007 — Shanghai eWorldChina Information Technologies Co., Ltd., a subsidiary of eWorld Interactive, Inc. and Shanghai Welfare Lottery Center announced the formal signing of an agreement to operate China’s official online Welfare Lottery.
The agreement makes eWorld the online sales agent for the Shanghai Welfare Lottery Center, which administers the largest segment of the Chinese lottery system. eWorld’s rapidly growing user base will be able to select lottery numbers via the Company’s portal www.17dian.cn and complete the transaction through its online banking service.
“This is an exciting development for the Company as it will give us access to China’s enormous and growing lottery market as well as provide another avenue for entertainment for our users,” remarked eWorld CEO Guy Peckham. eWorld has been working with the Shanghai Lottery Center to open the online lottery market in China, a move that will allow the country to catch up with global trends.
China’s lottery market surpassed US$10B in 2006 and is expected to continue growing at double digit CAGR in the coming years according to the Chinese Ministry of Finance, which oversees all of China’s lottery sales. Of the US$10B spent on lotteries in China over US$6B was generated via the Welfare Lottery system, representing a 20% increase over 2005. The Chinese government is actively promoting China’s welfare lottery system through traditional over-the-counter sales as well as online applications. Proceeds from all lottery sales are split 3 ways with 50% going to the winners, 35% going to fund social welfare program and the remaining 15% going towards lottery administration.
eWorldChina launched an Instant Lottery program as the first online Welfare Lottery product where a winning number will be drawn every 30 minutes. The Company will then launch an additional 6 online Welfare Lottery games for the second quarter of 2007.
According to Mr. Peckham, the Company is to receive 6.5% of all lottery sales conducted through the Company’s website and expects this to result in a significant increase in projected revenues
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