PALO ALTO, CA--(Marketwired - Oct 15, 2014) - XcelMobility, Inc. (OTCQB: XCLL) (OTCBB: XCLL) ("Xcel" or the "Company"), a leading mobile internet application development and marketing company, today announced that it received a Sport Lottery License from the Fujian Administration of Sport and Gaming to provide sports lottery services using a mobile device. "We're very excited to receive the Mobile Lottery License" said Ronald Strauss, Executive Chairman of Xcelmobility. "We see this as recognition of our company as a leading mobile lottery provider in China. The new license will allow XCLL to quickly grow our lottery brand and revenues in the fast growing mobile lottery market in China."
Xcelmobility's mobile lottery business is now fully online and servicing mobile lottery customers in China. The company is currently in discussions with a number of China based lottery game suppliers to provide them with XCLL's growing national mobile lottery services.
The Chinese lottery market has experienced strong growth in recent years as a result of positive macro trends in China, such as robust economic growth, increases in disposable income and a more positive shift in public perception towards the lottery business. Total lottery sales in China is projected to be $61 billion and $73.3 billion in 2014 and 2015, respectively, representing a 21.5% and 20.3% increase in 2014 and 2015 from their respective preceding years, according to an iResearch Report. The iResearch Report projected online sales amount for sports lottery products to be $2.2 billion and $3.2 billion in 2014 and 2015, respectively, representing 47.3% and 44.8% increase from the respective preceding years.
About XcelMobility, Inc.
XcelMobility is a leading developer and marketer of mobile internet products and services, specifically focused on China's burgeoning mobile market of well over 1 Billion Users. The Company continues to grow through acquisition and will see fourth quarter revenue generation from the newly integrated lottery business unit.
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