Modi Enterprises has envisaged an investment of Rs.600-650 crore in its online venture. The company has entered into a contract with the Stockholm-based EssNet for an online lottery system. EssNet is expected to commence the installation of the system from next month onwards.
Modi Enterprises has a 10-year contract with Manipur government for an online lottery with an option to renew the same for a similar period. In the initial phase, an infrastructure of 10,000 terminals would be distributed all over the country. Later on the numbers would be extended to 30,000 in the next phase.
According to estimates, more than 2 crores Indians buy conventional lottery tickets every day. The lottery market is worth around Rs.50,000 crores per annum. But the share of the online lottery in that is expected to be a miniscule Rs.120 crores only in the whole year. The global market size of the online lottery business is estimated to be $155 billions.
With Modi's entering the fray and Videocon Group too expected to join soon, the online lottery market in the new year is set for major action as Playwin of the Essel Group is not going to let the advantage get out of its grip easily.