Intralot has signed a long-term contract to provide system technology for Taiwan’s Public Welfare Lottery.

The deal was brokered between LotRich Information, a Taiwanese joint venture Intralot is a major shareholder, and CTBC Bank, which has received a license from the Taiwanese government to operate the lottery.

The agreement runs for 10 years and extends a relationship between Intralot and CTBC Bank that dates back to 2007.

Intralot will provide the LotosX gaming platform to CTBC Bank and its subsidiary lottery operator Taiwan Lottery. These include the instant games management system IGMS, the retailer management system RetailerX and the Canvas signage content management system.

The contract also includes the installation of 5,500 PhotonX terminals in retail locations across Taiwan, as well as maintenance and support services.

Recovery from Covid-19

The new agreement comes after Intralot last month announced a 29.2% year-on-year increase in EBITDA in the first quarter as the company continued its recovery from the pandemic.

Intralot outlined its progress on a number of objectives in the first quarter, including returning to profitability, sustained profit growth and reducing the operating debt to EBITDA ratio to 3.6x. The company has taken on significant debt in the wake of the Covid-19 pandemic.

The company attributed the EBITDA growth to “strong growth” in its US operations as well as improved performance in Turkey.