Eugene Group Wins Bid for Lucrative Lottery Business

A consortium led by the Eugene Group, Nanum Lotto, won the bid to run Korea’s lucrative “second-generation” lottery business.

Yesterday, the Public Procurement Service of Korea (PPS) officially awarded the 2.5 trillion won national lottery business to Nanum Lotto.

The Eugene Group formed the consortium “Nanum Lotto” with other big corporations such as Nonghyup, LG CNS, Angle Lotto, and KteMS.

Two other consortiums, Dream Lotto and “With Lotto,” fiercely competed with Nanum Lotto to win the bid. Samsung SDS and Hana Bank led the former, and CJ and Uri Bank formed the latter.

To decide the most qualified bidder, the PPS reviewed business proposals (70%) and analyzed the proposed pricing schedules (30%).

The Eugene Group has been expanding its business territory. Recently, it acquired Seoul Securities and Logen, a Korean UPS-type business. Furthermore, by winning this bid, it will tap into the lottery industry.

Succeeding Youngyang Confectionery Co., which was founded in 1969 in Seoul, Eugene Group set up Eugene Development in 1979 and Eugene Inc. in 1984. Then, it moved up to the top position in the ready-mixed concrete industry.

In 1997, the group founded a cable channel “Dream City” to expand into the media industry. Last year, the group recorded gross sales of 1.144 trillion won.

Kookmin Bank and Korea Lottery Service have been authorized to run the business in the first phase of the lottery business, which will end on December 1 this year. Eugene will then take up that role.

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