Investrend Research's I-gaming research team has released its initial report on eLOT, Inc., the Nasdaq-traded Internet lottery retail and marketing services supplier. In the report, analysts John Dutton and Gerald LaKarnafeaux, CFA, detailed their "speculative buy" rating and price target.
eLOT has signed several significant deals with state and national lotteries. Most significantly, eLOT is the Web-based retailer for the Jamaica Lottery, as well as having developed Internet marketing and/or
interface tools for the Maryland, Indiana and Idaho state lotteries.
Last year, about $130 billion was wagered with lotteries worldwide. Since lotteries are one of the most popular forms of wagering in the world, a move onto the Internet could have a major impact on lotteries' income generating potential. By 2004, more that $123 billion should be wagered via the Internet on all forms of gaming, with at least half that amount coming from North Americans.
Shares for eLOT were down 13.64 percent today, trading at 19/64.
Investrend is a financial research group that specializes in small and micro cap companies. The eLOT report is part of Investrend's Public Analysis & Review (PAR) program. PAR reports on additional companies, including a handful of I-gaming companies, are available online at www.investrend.com.
Click here to read the Investrend Research initial report on eLot.