St James House forms blockchain lottery joint-venture
St James House's shares jumped on Friday after it agreed to launch a blockchain-based lottery joint-venture with ZeU Crypto Networks Ltd.
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St James House will hold a 45% share in the joint venture, while ZeU will have a 19.9% stake and its Canadian Securities-listed parent Georges Eco Mining Corp will hold a 19.9% stake, with outside shareholders owning the remaining 10%.
ZeU will take responsibility for all joint venture costs and will charge a service fee of no more than 90% of joint venture revenue.
Lottery numbers will be generated randomly and transparently using blockchain in a fair and transparent manner, a concept that the AIM traded company said may be expanded to other gaming and gambling related areas.
The lottery joint-venture will be incorporated in Malta with applications for the required regulatory approvals set to be made once the joint venture has suitably progressed.
Graeme Paton, chief executive of St James House, said: "The establishment of PPSB and the agreement to establish the JV is an exciting development for the group. Like many FinTech businesses, we have explored the potential to use blockchain-based systems in our product operations, and this JV is our first step, helping us build our expertise in the area, while leveraging our existing skills in lottery management."
St James House's shares were up 13.89% at 41.00p at 1257 BST.