LONDON (Alliance News) - DJI Holdings PLC said Friday it welcomed a change in policy toward China's lottery industry, saying that whilst the temporary suspension of its online lottery sales has not yet been lifted, it views this as "significant progress" towards the recommencement of sales.
The company's sale of lottery products was temporarily suspended in March by the Chinese government. But on Wednesday this week, the State Council of China outlined its commitment to reduce the time required for the approval and administration of lottery sales and pay-outs by cancelling 62 central authorisation requirements and devolving responsibility to Provincial finance departments.
DJI said it views the announcement as an "important step in the process towards better regulation and the elimination of a large number of unauthorised operators undermining the integrity of the market."
The company said that, in the absence of a firm timeline as to when online sales will resume, it is continuing to diversify its activities outside of lottery sales.
"We are pleased to see the first major policy change for China's lottery industry since online sales were suspended in March, and we view this as significant progress towards the announcement of new regulation and the recommencement of sales," said Chief Executive Officer Darren Mercer in a statement.
"Though we are optimistic that this is a sign that tangible steps are being taken towards the resumption of trading, we continue to develop new channels as evidenced by our recently approved trial of Sports Lottery sales via mobile phones in Qingdao City, Shandong Province and our previously announced JV with Heilongjiang Sports Authority, which included applications for new games," Mercer added.
Share in DJI were up 4.5% at 43.90 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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