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Important announcement from eBet re online betting

  1. 420 Posts.
    The following should mean a substantial boost in revenues for the company - well done eBet!


    ASX/NZSE Announcement 21 August 2002


    eBet Subsidiary to Launch Online Sports Betting

    Leading gaming & wagering technology company eBet Limited (ASX/NZSE: EBT) (“eBet”) today announced that its ACT-based sports and race betting subsidiary, City Index (Aust) Pty Ltd has received regulatory approval from the ACT Gambling & Racing Commission to commence Internet trading on its range of fixed-odds and index betting products.

    Until now the operation has conducted only telephone and shop-front betting. To co-incide with the commencement of Internet trading eBet has changed the name of the City Index to Sports Acumen Pty Ltd (“Sports Acumen”).

    Sports Acumen will commence Internet trading on 26 August 2002 from its fully interactive website at www.sportsacumen.com. The site will offer fixed odds and index betting options on a comprehensive range of Australian and international sports, as well as most Australian and some international horse races.

    eBet managing director Keith Cullen said that the company was excited about the opportunity to expand the business through the use of Internet trading. He said that international sport betting turnover was growing at significant rates each year, as reflected by recent excellent results of other Australian based sports betting operators trading on the Internet.

    “Until now, we have been restricted to telephone accounts which has really limited opportunities for growth. The team has done a great job in maintaining a solid win percentage with a limited customer-base so we are confident that the move onto the Internet will significantly improve our prospects”, said Mr. Cullen.

    eBet acquired the sports and race betting operation, which is fully licensed in the ACT, in January 2000. Since the acquisition, eBet has focused on the introduction of new internal systems and technologies to assist in the operation of the business ahead of the launch of Internet trading. Across this time the business has maintained an average win-to-turnover ratio of 6%, which the company expects to maintain through the introduction of Internet trading.

    eBet has extensive Internet databases, which it says will assist in the promotion and marketing of the business moving forward.

    About eBet
    eBet Limited is listed on the ASX and NZSE (Symbol: EBT) with operations and contractual arrangements in Australia, New Zealand, Singapore, the Philippines, Greece and the USA. The eBet Group contains two key business units being, the Gaming Systems Division and Online Division.
    eBet's Gaming Systems Division develops and markets a range of networked solutions for gaming machines. Its cashless gaming systems, player tracking and loyalty systems and data management solutions are installed in leading gaming venues in Australia, New Zealand, Greece, the Philippines and Singapore.
    eBet Online develops and operates turnkey Internet-based wagering systems for licensed gaming operators in international markets. eBet operates Internet systems for the New Zealand TAB, Penn National Gaming, Inc. and Playboy.com, Inc. and is an Internet agent for Victorian-based lottery operator Tattersall's.
    eBet Online's Internet wagering systems are in operation at www.ebetonline.com, www.ebetonline.co.nz, www.ebetlotto.com, www.ebetUSA.com, www.PlayboyRacingUSA.com, www.tab.co.nz.
    eBet also owns 100% of ACT-based sports and race betting company, Sports Acumen Pty Ltd (formerly City Index Pty Ltd) which, from 26 August 2002, will operate an Internet sports and race wagering service at www.sportsacumen.com.

    Further Information: Keith Cullen, managing director, eBet Limited.
    (02) 8748 8000.







 
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