GTech Holdings Corp., the world's largest lottery systems operator, on Tuesday said quarterly earnings rose on new contracts, acquisitions and strong sales of its products.

GTech, which provides services and equipment to the lottery industry in 45 countries and 25 U.S. states, said it benefited from new contracts in Spain, Italy, Jamaica and Mexico. The company also received a new ticket-vending machine contract in Maine and an extension in Oregon.

GTech, which has a 70 percent share of the online lottery market, earlier this year acquired video lottery terminal maker Spielo and Caribbean-based operator Leeward Island Lottery Holdings company. It more recently acquired BillBird S.A., a Polish bill payment services provider.

"Acquisitions are a major part of their growth strategy," said J.P. Mark, analyst at Farmhouse Equity Research, adding that Russia, China and India pose great opportunities for growth.

The company is pursuing new opportunities in Thailand, Finland, Germany, Ireland and New Zealand, Chief Financial Officer Jaymin Patel told analysts in a conference call.

Second-quarter net income at the West Greenwich, Rhode Island-based company rose to $53.1 million, or 40 cents per share, from $48.5 million, or 37 cents, a year earlier.

Analysts, on average, expected 37 cents a share, according to Reuters Estimates.