XcelMobility buys Silver Creek to expand in China lottery

Monday 29th of September 2014

XcelMobility, a mobile internet application development and marketing company, said it agreed to buy Silver Creek Digital's online sports lottery business.

"We're very excited about the growth opportunities that can quickly develop once we incorporate Silver Creek's online sports lottery business within our existing online mobile platform," said Ronald Strauss, Executive Chairman of XcelMobility. "Silver Creek has been using our cloud network in China for over a year and we have already witnessed the growth that can be achieved by combining our resources. We are confident that their proven success to date and established key relationships in China will drive our ability to strongly penetrate the very new and fast-growing online lottery business in China.”

The Chinese lottery market has experienced strong growth in recent years as a result of positive macro trends in China, such as robust economic growth, increases in disposable income and a more positive shift in public perception towards the lottery business. Total lottery sales in China are projected to be $61 billion in 2014 and $73.3 billion in 2015, according to an iResearch Report. The report projects online sales for sports lottery products to be $2.2 billion and $3.2 billion in 2014 and 2015, respectively, representing a gain of 47.3 percent and 44.8 percent increase from the preceding years.