The Brazilian government recently announced that a 50-50 joint venture consortium led by Scientific Games (SGMS) and International Game Technology (IGT) has won the tender to run Lotex, the Brazilian instant lottery scratch card business, SunTrust analyst Barry Jonas tells investors in a research note. The analyst sees the win as a "potentially meaningful long-term opportunity" for both companies, pointing out that Scientific Games management noted it could eventually be among the company's largest contracts. He believes Scientific Games' current largest contract, the Italian Lottery, contributes ~$60M in adjusted EBITDA. While a solid long-term opportunity, it will likely take some time for Brazil to ramp, at least two-to-three years, says Jonas. The analyst has a Buy rating on both Scientific Games and International Game Technology.