Pollard Banknote Reveals Its Plans to Purchase Mkodo
The move should be concluded through a recently-signed business deal. Under the provisions of this deal, Pollard will acquire the entire equity of mkodo, which will enable the two sides to seamlessly continue future operation.
Deal to be Completed Soon
According to available information, the said deal should be completed sometime around the beginning of the next year. At this moment, both lottery giants have a significant market presence across Canada.
Experts agree that the acquisition of mkodo would not only diversify Pollard’s offering but would also prove to be key in its further development. In the end, it would result in a much improved end product, while the company will now have an even bigger customer base, eagerly awaiting new products.
Pollard Banknote has already pointed out the importance of this move, adding mkodo was the perfect partner they needed at the moment.
By acquiring 100% of mkodo, Pollard will gain a vast digital experience, which could be used in the company’s future business endeavours. mkodo is known for its operation in the digital segment, as it has so far created a number of lottery apps for provincial monopolies across Canada, including the improved app for BCLC, launched back in June.
mkodo has been working with a large number of gaming companies since 2001, creating and introducing premium iGaming platforms. The lottery giant has a long history of working together with provincial Crown Corporations across Canada. In addition to the aforementioned app, mkodo developed the new mobile lotto app for the Western Canada Lottery Corporation, which was made available on the AppStore and Google Play earlier this year.
Looking Forward to 2020
The company has ambitious plans for the next year, with the launch of the brand-new mobile lottery app. The soon-to-be-launched app will enable customers to easily scan their ticket. According to available information, this technology should be made available to customers in Yukon, Northwest Territories, Alberta, Saskatchewan, and Manitoba. It should be up and running in the next couple of months.
When it comes to the British Columbia Lottery Corporation, the two sides have been working together for years, while the modernization of the app developed by mkodo represented a logical step forward. Now, the app offers new and improved functionalities, allowing players to easily make deposits and withdrawals, and giving them complete freedom online.
The updated app will even enable players to buy lottery tickets for both regional and national games. mkodo has also been working with other lottery companies from other countries, including the United Kingdom.
Commenting on the move, Co-Chief Executive Officer at Pollard, Doug Pollard, said the purchase of mkodo would open a whole new audience of players, waiting to get their slice of the company’s premium offerings.
According to available information, the cost of the transaction is estimated at around C$13.4 million.
This move is aimed at giving Pollard Banknote a better position for the future expansion of sports betting in Canada, but also allow it to stay competitive to the United States.