Scientific Games Wins Iowa Lottery's 10-year Statewide New Gaming Systems Technology Contract
Company's Rollout of New Technology Will Drive Maximum Funding for Iowans
LAS VEGAS and ATLANTA, April 7, 2020 /PRNewswire/ -- Scientific Games Corporation (NASDAQ: SGMS) ("Scientific Games" or the "Company") announces it won the Iowa Lottery's (the "Lottery) 10-year contract for a new statewide gaming system to serve the lottery and the 2,400 retail locations where Iowa Lottery games are sold. The Iowa Lottery Authority Board voted 5-0 to award Scientific Games the contract and begin negotiations immediately. The 10-year contract may be extended by the Lottery up to five additional years. The Iowa Lottery plans to flip the switch to the new gaming system in the summer of 2021.
Scientific Games was selected as the best choice to meet the Iowa Lottery's business objectives and upgrade the Lottery's 2011 technology with minimal disruption to game sales, providing millions of dollars for vital state programs benefitting Iowans.
The Company won the contract based on highest overall score and ability to maximize funding for the Lottery's beneficiaries. Over the last eight years of the Company's current contract with the Iowa Lottery, the Lottery experienced an $878 million growth in total retail sales, or an average of $109 million in growth per year. Scientific Games also provides instant scratch games to the Iowa Lottery.
The Iowa Lottery's gaming systems provider for the past 18 years, Scientific Games will deliver technology to the Iowa Lottery with minimal disruption to retail sales and responsibly generate vital funding for Iowa state programs, like university research, veterans and agriculture.
"Scientific Games appreciates the trust the Iowa Lottery has placed in our Company and our technology to continue supporting programs that help make Iowa a great place to live," said Pat McHugh, Lottery Group CEO for Scientific Games. "We are also very proud that the hard work of our teams and ability to successfully align with lotteries' business plans continues to position Scientific Games as the fastest growing lottery systems provider in North America."
Scientific Games is working with the Iowa Lottery to finalize the contract and plan a seamless switch to the new technology. As part of the new technology rollout, the Iowa Lottery will upgrade to an advanced gaming system, central communications network, retailer terminals, and player self-service kiosks.
Scientific Games is a U.S.-based company providing games, technology and services to more than 150 lotteries around the globe, including nearly every North American lottery.
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About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, social gaming, online gaming and sports betting. Scientific Games offers the gaming industry's broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.
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In this press release, Scientific Games makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "will," "may," and "should." These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in our filings with the Securities and Exchange Commission (the "SEC"), including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form 10-K filed with the SEC on February 18, 2020 (including under the headings "Forward-Looking Statements" and "Risk Factors"). Forward-looking statements speak only as of the date they are made and, except for Scientific Games' ongoing obligations under the U.S. federal securities laws, Scientific Games undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.