Pollard Banknote shares drop after Michigan decides on another iLottery supplier

WINNIPEG – Shares of Pollard Banknote Ltd. fell more than 30 per cent after the company said the Michigan Lottery plans to go with another supplier for its iLottery and related services when its contract expires.

The company, through a joint venture agreement, currently provides the services under a contract that expires in July 2026.

Pollard Banknote shares were down $9.22, or 33.6 per cent, at $19.10 in early afternoon trading on Tuesday on the Toronto Stock Exchange.

The company says it remains an important supplier to the Michigan Lottery.

It was awarded a new five-year contract by the Michigan Lottery in March to be the primary supplier for their instant tickets.

The company also says it continues to be a partner in the U.S. as part of NeoPollard Interactive LLC which currently includes five long-term iLottery contracts.

This report by The Canadian Press was first published Aug. 6, 2024.

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