Cogetech Joint Venture Named a Successful Applicant for Five-Year License to Operate a Gaming Machine Network and Central System

Cogetech Joint Venture Named a Successful Applicant for Five-Year
License to Operate a Gaming Machine Network and Central System and Provide
Related Services in Italy
GTECH to Provide Technology and Services to Cogetech 


WEST GREENWICH, R.I., July 1  /PRNewswire-FirstCall/ -- GTECH Holdings
Corporation (NYSE:GTK) today announced that Cogetech, a joint venture formed by
GTECH Global Services Corporation and Cogemat S.p.A., has been named a
successful applicant for a non-exclusive license to install and operate a
network and related central computer system linking gaming machines in Italy,
and provide technology and ongoing services to the Amministrazione Autonoma dei
Monopoli di Stato (AAMS), the department of the Italian Ministry of Finance
that regulates wagering games in the country.  GTECH will be the technology and
services provider to Cogetech and will have a 35% equity interest.  Cogemat, a
company founded by leading distributors and operators of Italian Amusements
With Prizes (AWP) machines, will manage all field activities with a 65% equity
interest in the joint venture.

The decision was announced yesterday by the Evaluation Committee of the AAMS. 
The proposed license has a five-year term and may be extended by the AAMS for
one additional year.

"This is yet another significant milestone for the Company," said GTECH
President and CEO W. Bruce Turner.  "The Italian gaming market ranks eighth in
the world in terms of total gaming sales.  However, much of the legalized
gaming machine market in the country remains virtually untapped.  Our success
in Italy provides GTECH with a strategic foothold in a country with significant
growth potential."

Upon Cogetech's signing of a definitive licensing agreement with the AAMS,
GTECH will supply Cogetech with the Company's Enterprise Series Video Lottery
central system, providing connectivity to the AAMS for up to 65,000
distributor-owned gaming machines to be deployed at various establishments
across the country.  These gaming machines are similar to video lottery
terminals (VLTs) and will be provided by a number of approved European
suppliers.

For the duration of the license, GTECH will provide ongoing services to
Cogetech, including central system maintenance, technology and communications
consultancy, software development and licensing, and personnel training.
Cogetech will have primary and backup data centers in Rome and expects to
launch the new system by November 2004.  GTECH expects to generate revenues of
approximately $40 million to $50 million over the initial five-year license
period.

Certain statements contained in this press release are forward looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.  Such statements include,
without limitation, statements relating to the prospects and financial outlook
for the Company, which reflect management assumptions regarding:  (i) the
future prospects for and stability of the lottery industry and other businesses
in which the Company is engaged or expects to be engaged, (ii) the future
operating and financial performance of the Company (including, without
limitation, expected future growth in revenues, profit margins and earnings per
share), and (iii) the ability of the Company to retain existing business and to
obtain and retain new business.  Such forward looking statements reflect
management's assessment based on information currently available, but are not
guarantees and are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated in the forward looking
statements.

These risks and uncertainties include, but are not limited to, those set forth
above, in the Company's subsequent press releases and on reports by the Company
on Forms 10-K, 10-Q and 8-K, and other reports and filings with the Securities
and Exchange Commission, as well as risks and uncertainties respecting:  (i)
the potential impact of extensive and evolving government regulations upon the
Company's business; (ii) the ability of the Company to continue to retain and
extend its existing contracts and win new contracts; (iii) the possibility of
slower than expected growth or declines in sales of lottery and gaming goods
and services by the Company or the Company's customers; (iv) exposure to
foreign currency fluctuations; (v) risks and uncertainties inherent in doing
business in foreign jurisdictions; (vi) the relatively large percentage of the
Company's revenues attributable to a relatively small number of the Company's
customers; (vii) the possibility of significant fluctuation of quarterly
operating results; (viii) the intensity of competition in the lottery and
gaming industries; (ix) the possibility of substantial penalties under and/or
termination of the Company's contracts; (x) the ability of the Company to
respond to technological change and to satisfy the future technological demands
of its customers; (xi) opposition to expansion of lottery and gaming; (xii) the
Company's ability to attract and retain key employees; and (xiii) the
possibility of adverse determinations in pending legal proceedings.

GTECH, a leading global information technology company with over $1 billion in
revenues and more than 5,500 people in 45 countries, provides software,
networks, and professional services that power high-performance, transaction
processing solutions.  The Company's core market is the lottery industry, with
a growing presence in commercial gaming technology and financial services
transaction processing.  For more information about the Company, please visit
GTECH's website at http://www.gtech.com/.

  Contact:
   Robert K. Vincent
   Public Affairs
   GTECH Corporation
   401-392-7452


DATASOURCE: GTECH



CONTACT:  Robert K. Vincent, Public Affairs, GTECH Corporation,

[phone] 



Web site:  http://www.gtech.com/

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