Global Net (Barbados) Inc., a subsidiary of Global Net Entertainment Corp., has signed a letter of intent with WorldWide Satellite of Venezuela, to jointly own and operate the Venezuelan national lottery.
WorldWide Satellite has a 10-year minimum contract to operate the online and Internet lottery sales, along with other gaming operations.
Global Net will supply management, operations and system design, technical support, marketing and capital investment.
"This agreement continues to enhance our Central and South American gaming strategy to become one of the industry's gaming leaders in the region, " said Julius Csurgo, Global Net Entertainment chairman and CEO. "The venture continues to demonstrate Global's management capabilities in building increasing revenue streams for the company."
Global Net couldn't be reached for additional information about the agreement.