Macau SLOT Co. Ltd., which held the exclusive concession in the city for betting on football and basketball, has seen its concession extended for three more years but will no longer have the exclusive rights to this market, a dispatch at Official Gazette today (Wednesday) reveals.
However, according to the contract changes approved by the Chief Executive, the Concessionaire may in the future ‘organize and explore other forms of lotteries or mutual betting’ after approval from the Gaming Inspection and Coordination Department.
Macau SLOT new concession term runs from June 6, 2021 to June 5, 2024, but could now face competition from other players entering the market.
In 2020, gaming revenue coming from betting on football and basketball in Macau dropped by 27 per cent year-on-year to some MOP$543 million (US$67.8 million) – the lowest amount in the last five years – and something attributed to the disruption caused by the pandemic worldwide on the scheduling of sports events.
The new contract also includes a new provision that the company could see its concession contract revoked in case it fails to maintain local workers.
Founded in 1989, SLOT was the first Macau-based betting operator to run the instant lottery on the ferries to and from Macau and Hong Kong.
Before the 1998 Football World Cup, the company was granted the franchise contract by the Macau SAR government to operate sports lottery on football and later in December 2000, it was granted the same rights for basketball.