Kyrgyzstan’s Centre of Public-Private Partnerships (PPP) has declared the Serbian consortium of Elbet doo and Axel Capital as winners of the contract to operate ‘national lottery activities’ under the domain of the State Lottery Company.   

Last October, the State Lottery Company was instructed to launch a tender to find a private partner charged with reviving its offering.

Elbet and Axel Capital’s bid was selected by the State Lottery Company, which forwarded the Serbian consortium to be reviewed by the PPP.

On Monday (10 January), PPP declared that Elbet and Axel Capital had “fulfilled the qualification requirements to be on the ballot paper for the final choice of operators”.

“The tender commission has only determined the winner, now the State Lottery Company has to conclude an agreement with the consortium within the established time frame. Only after that, the consortium of companies will be registered in Kyrgyzstan,”  PPP disclosed.

Elbet will serve as the contract’s lead technology partner. Founded in 2002, the Belgrade-based firm is a gambling software and hardware solutions provider, for product lines of sports betting, bingo and gaming and lottery terminals.

Elbet stated that it currently services “80 client operators worldwide, including four state lotteries”.

Consortium partner Axel Capital is the private equity fund of former Goldman Sachs asset manager Anna Nikolayevsky, that reportedly maintains $500 million under management specialising in high-risk / high-reward investments within developing markets.