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. Last Updated: 07/27/2016

Greek Company Signs Up for State Lottery

Greek gaming company Intralot has signed a deal with Gazprombank subsidiary Orglot to operate Russia's state lottery, Intralot said in a statement released late Monday.

Orglot, which was set up in September, won the right in December to operate the nationwide lottery in a tender held by the Federal Agency for Physical Culture and Sports.

Under the agreement, a sales network of more than 16,000 Intralot terminals will be set up throughout the country, with 4,000 terminals being installed by the end of this year.

"We are very proud to have undertaken this project, which is expected to be one of the biggest lottery operations globally," Intralot CEO Constantinos Antonopoulos said in a statement. Eventually the total number of sales points could rise to 40,000, Intralot's statement said.

The company did not offer any further financial details about the deal.

Based on the model of other developed countries, the Russian lottery will provide funding for social projects, Orglot general director Galina Savitskaya said.

The development of an integrated lottery system will stretch across all of the country's 11 time zones.

The lottery business is exempt from gaming legislation signed in December. Under the legislation, gambling will be restricted to four designated zones around the country from July 2009.